PERTH AMBOY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local, state and federal officials for the grand opening of The Parkview, an 84-unit, four-story building project located at 618 New Brunswick Avenue in Perth Amboy. The HMFA, an affiliate of the Department of Community Affairs (DCA), is providing mortgage funding and allocating federal Low Income Housing Tax Credits to the project.

“This project took what had been a vacant vocational school and transformed the property into an attractive senior affordable housing community that will positively impact the heart of Perth Amboy,” said DCA Commissioner Lori Grifa, who is Chair of the HMFA. “My sincere congratulations go out to the development team who successfully transformed a vision into a reality.”

The Parkview is reserved for those 62 years of age and older and includes 80 one-bedroom apartments and 4 two-bedroom apartments. All units are affordable to seniors at or below 42% of area median income. Amenities include a laundry facility, library with computers, conference room, community and recreational areas, and fitness center. There is an on-site management office where the Ingerman Management Company will oversee a resident services program featuring health and wellness seminars and screenings, transportation services, and monthly events.

“The HMFA is pleased to provide financing for a project that will help contribute to a wonderful living experience for Perth Amboy’s senior residents,” said Mr. Marchetta. “The Parkview is a great example of the good that can come out of public-private partnerships.”

The HMFA provided approximately $700,000 in mortgage financing and awarded federal Low Income Housing Tax Credits, which will generate approximately $13.8 million in private equity. The project also received approximately $5.7 million in subsidy from the Tax Credit Exchange Program (TCX) which was made available to the HMFA through the federal American Recovery and Reinvestment Act of 2009. The HMFA had been charged with administrating the TCX funds, which are aimed at jumpstarting affordable housing construction, and creating and preserving jobs. Additional funding came from Middlesex County, the Federal Home Loan Bank of New York, and the Perth Amboy Housing Authority.

MBI Development Company, Inc. and the Ingerman Construction Company, located in Cherry Hill, NJ, served as the developer and the general contractor for this project.

For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.