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Christie Administration Celebrates Grand Opening of Franklin Street Villa, an Affordable Housing Project in Bergen County Assisted with Sandy Recovery Funds
Home > Media Room > HMFA in the News > News 2016 > Christie Administration Celebrates Grand Opening of Franklin Street Villa, an Affordable Housing Project in Bergen County Assisted with Sandy Recovery Funds
For Immediate Release: Contact:
October 25, 2016 Lisa Ryan
Tammori Petty
609-292-6055
 

Christie Administration Celebrates Grand Opening of Franklin Street Villa, an Affordable Housing Project in Bergen County Assisted with Sandy Recovery Funds

Project Provides 30 Homes for Seniors; Eight Units Set Aside for Homeless and/or Disabled Veterans
 
NORTHVALE, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and community leaders to celebrate the grand opening of Franklin Street Villa, which includes 30 new housing units, eight of which are set aside for homeless and/or disabled veterans. The project was developed through a partnership between Domus Corporation, a non-profit housing development organization affiliated with Catholic Charities of the Archdiocese of Newark, and the Housing Development Corporation (HDC) of Bergen County, the non-profit arm of the Housing Authority of Bergen County.
 
Located in a tree-lined residential neighborhood of single family homes and garden apartments, Franklin Street Villa features air-conditioned apartments with Internet access and emergency pull cords, and a live-in superintendent. All residents will enjoy use of a community room, lounge and patio, as well as emergency maintenance and on-site laundry and parking. Franklin Street Villa is also close to The James F. McGuire Memorial Senior Citizen Center, which welcomes adults ages 55 and over to enjoy a variety of social, entertaining and educational programs that include topics such as nutritional well-being. Additionally, residents are able to take part in exercise programs, movie nights, bingo, seminars by informative speakers and monthly bus trips to various activities and events.
 
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project highly competitive 9% Low Income Housing Tax Credits, which are expected to generate more than $5.1 million in private equity. Also, HMFA awarded more than $1.3 million in permanent financing and another $2.175 million in federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM). The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers with subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm. Additionally, eight project-based Section 8 vouchers were issued to the project through the Housing Authority of Bergen County for $1,230 per unit.
 
“Franklin Street Villa is providing good quality apartments in a warm hometown ambiance to senior citizens, including those who may have been affected by Sandy, at a monthly cost they can comfortably afford,” said HMFA Executive Director Marchetta. "We are pleased to have helped support this project, which was specially designed for older adults and veterans with disabilities – two vulnerable populations that deserve the peace of mind that comes with living in a brand new community with supportive services.”
 
The new building is a three-story midrise with an elevator, comprising 29 one-bedroom units and one two-bedroom unit for the live-in superintendent. Of the 29 one-bedroom units, 21 will be rented at 57.5% of Area Median Income with net rents of $905; six will be set aside for special needs individuals; and two will be set aside for individuals who are seniors with special needs. Catholic Charities of the Archdiocese of Newark will provide supportive services to individuals with special needs and help link them to resources, health care, and other treatment services.
 
Priority for residency will be provided to Sandy-impacted seniors who have been displaced by, or whose homes sustained severe storm damage from, Superstorm Sandy. Applications are still being accepted.  For additional information, please call ­­­­­­­­­­­­­­­­­­­­­­­­the Bergen County Housing Authority at (201) 336-7600.
 
Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at www.njhrc.gov. The database is free and easy to use. On the homepage, individuals can click on “Priority Housing for Sandy-Impacted Residents.”
 
People can also find information by visiting www.renewjerseystronger.org and clicking on “Priority Housing for Sandy-Impacted Residents Available” at the top of the webpage. The website provides such information as where projects are located, the total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and the date applications are being accepted. New information is added regularly as it becomes available.
 
HMFA estimates that Franklin Street Villa, which cost approximately $8.6 million to develop, supported approximately 83 direct and indirect/induced full-time equivalent jobs, generated approximately $500,000 in state and local taxes, and generated approximately $13.7 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues, during construction. Now complete, the project will continue to add value to the community by providing more than $1.5 million in ongoing economic output, nine direct and indirect/induced full-time equivalent jobs, and $86,500 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.
 
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.