FOR IMMEDIATE RELEASE: Thursday, August 11, 2016


CAPA#2 of Jersey City Urban Renewal, LLC Completes Conversion of Former All Saints Catholic School Facility into 25 New, Moderate and Emerging Market Condos in Hudson County

JERSEY CITY – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently  joined elected state and local officials and community leaders to celebrate the grand opening of 25 new, for-sale, affordable condominiums at All Saints, formerly a vacant Catholic School from St. Patrick and Assumption/All Saints Church, located at 305 Whiton Street. The residences are affordable to the workforce population and to those who qualify for home ownership through HMFA’s Choices in Home Ownership Incentives Created for Everyone (CHOICE) program. Prices range from $114,000 to $340,000. There are four unsubsidized affordable units and 21 Emerging Market Units (EMU). 

The 25 affordable condominiums, feature 14 one-bedroom and 11 two-bedroom residences located in the Lafayette section of Jersey City, less than one mile from downtown and the city’s Central Business District. The residential neighborhood is close to Lafayette Park, Liberty State Park, and the Liberty State Science Center.  Public transportation is very accessible in Lafayette; the Liberty Science Light Rail stops within the neighborhood.  The Bergen-Hudson Light Rail transports riders to downtown Jersey City and lower Bergen County. Public buses are also accessible throughout the neighborhood. One mile from Lafayette is a large shopping center with a Pathmark grocery store and other chain retailers. 

“We are happy to be contributing to the success of a transitioning Jersey City neighborhood by creating high-quality affordable housing within financial reach of residents,” says HMFA Executive Director Marchetta. “HMFA recognizes that housing is developed within a community context. If we are to build strong quality homes we must also work to create healthy, safe and vibrant communities. All Saints Condominiums stands as a true testimony to these principles.”

The HMFA, an affiliate of the Department of Community Affairs, provided $1.75 million in financing, along with an additional $1,050,000 in funding through its CHOICE program, HMFA's comprehensive financing program for the development of newly constructed and repurposed homeownership (owner-occupied primary residence) housing in New Jersey. CHOICE is intended to be a catalyst for the creation of viable homeownership markets in municipalities where home values currently do not support a sustainable new construction housing market. CHOICE is also intended to assist with the creation of resale-restricted affordable homeownership housing in municipalities that have viable homeownership markets overall but have included affordable housing in their redevelopment area plans. The CHOICE subsidy encourages sustainable design practices and economically diverse neighborhoods. 

The value of the CHOICE program, to both developers and homebuyers, is significant. The Agency provides 50 percent of the construction loan with the balance provided by one of HMFA’s approved lenders. The actual CHOICE subsidy is made up of funds provided by the Agency to fill the gap between the cost to build a condominium and its market sale price. Developers can secure up to $50,000 to build each new home. Homebuyers have the opportunity to take advantage of HMFA’s 100 percent LTV 30 year, fixed rate mortgages by paying no mortgage insurance and those qualified can receive down payment and closing cost assistance.

The development cost of this project is in excess of $5.4 million and will provide affordable housing opportunities for New Jersey families and will continue to have a positive economic impact on the City of Jersey City and greater Hudson County. HMFA estimates that the project has generated more than $8.5 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 51 direct and indirect/induced full-time equivalent jobs, and generated more than $313,000 in state and local taxes. Now complete, the project will continue to add value to the community by providing approximately $955,000 in ongoing economic output, five direct and indirect/induced full-time equivalent jobs, and approximately $54,000 in state and local taxes annually.

Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.

The developer is a joint venture limited liability company known as Community Asset Preservation Alliance #2 of Jersey City Urban Renewal, LLC (CAPA#2 of Jersey City Urban Renewal, LLC).

For more information on HMFA programs, please visit

Tammori Petty,
or Emike Omogbai
(609) 292-6055