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Grand Opening of River Vale Senior Residence Offers Affordable Housing in Bergen County
Home > Media Room > HMFA in the News > News 2016 > Grand Opening of River Vale Senior Residence Offers Affordable Housing in Bergen County
For Immediate Release: Contact:
November 21, 2016 Tammori Petty
Emike Omogbai
609-292-6055
 

Grand Opening of River Vale Senior Residence Offers Affordable Housing in Bergen County

HMFA Provides $6.3 Million in Financing for 50 New Apartments Designed for Seniors in the "Garden Spot" of the Pascack Valley
 
RIVER VALE, 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 River Vale Senior Residence, located on Cedar Lane, offering 50 brand new affordable apartments for seniors, age 62 and older. The developer is Domus Corporation, an affiliate of Catholic Charities of the Archdiocese of Newark.
 
The new development is a three-story elevator-serviced facility with 49 one-bedroom apartments and a superintendent’s unit. The building façade attractively blends in with the surrounding single-family homes in the neighborhood.  Twenty percent of the new apartments are restricted to households earning 50 percent or less of area median income. Forty-nine units will be under a Project Rental Assistance Contract with United States Department of Housing and Urban Development (HUD) for $365,500 per year for three years.
 
“River Vale Senior Residence offers seniors on a fixed income a selection of brand new homes in a quaint, hometown neighborhood setting in Bergen County,” points out NJHMFA Executive Director Marchetta. “This community represents one more example of HMFA’s continued commitment to making quality housing available at costs affordable to New Jersey residents.”
 
River Vale Senior Residence apartments include a range, refrigerator, and air conditioning.  Community amenities include a laundry room, community room and warming kitchen.  The building also has offices for a service coordinator and administration. The property includes 20 parking spaces.
 
Known as the "Garden Spot" of the Pascack Valley, River Vale is a quiet community with tree-lined streets, excellent schools, great recreation facilities, only two traffic lights and three golf courses. Its small town ambiance is complemented by its proximity to New York City, less than 20 miles to the southeast. River Vale offers shops, restaurants, services and medical facilities. Township sponsored parades, community day and other events reflect a pervasive community spirit. In 2007, River Vale was ranked Number 29 on the “100 Best Places to Live” survey published by CNN/Money magazine.
 
The HMFA awarded the project construction loan financing of approximately $6.3 million. In addition, the developer was able to leverage 4 percent Low Income Housing Tax Credits, an existing federal affordable housing program that the HMFA administers, which is anticipated to generate more than $3.5 million in private equity.
 
This $12.3 million development provides affordable housing opportunities for New Jersey families and individuals, while having a positive economic impact on the Bergen County locale. HMFA estimates that River Vale Senior Residence generated approximately $19.6 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 117 direct and indirect/induced full-time equivalent jobs, and generated approximately $718,000 in state and local taxes. The project will continue to add value to the community by providing more than $2.1 million in ongoing economic output, nine direct and indirect/induced full-time equivalent jobs, and more than $123,900 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, Domus Corporation, is an affiliate of Catholic Charities of the Archdiocese of Newark.  A nonprofit housing development corporation founded in 1995, its mission is to develop affordable housing and provide support services within Bergen, Essex, Hudson and Union counties. Domus has developed and managed several affordable housing projects in North Jersey.
 
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.