JERSEY CITY, N.J. – The New Jersey Housing and Mortgage Finance Agency (HMFA), an affiliate of the New Jersey Department of Community Affairs (DCA), today announced the groundbreaking of Ocean Green Senior Apartments, a 44-unit affordable senior housing development in Jersey City, Hudson County, which was awarded federal Sandy Recovery funds.
The HMFA awarded Ocean Green Senior Apartments approximately $2.9 million in federal Sandy Recovery funds through the Fund for Restoration of Multifamily Housing (FRM), which enables developers to secure zero-interest and low-interest loans to finance affordable housing developments in the nine counties most impacted by Sandy as determined by the U.S. Department of Housing and Urban Development (HUD). Additional HMFA financing included approximately $500,000 from the Sandy Special Needs Housing Fund, a grant of approximately $20,000 from the Special Needs Revolving Loan Program, and approximately $1,100,000 in construction financing. Also, the project was able to leverage federal Low Income Housing Tax Credits (LIHTC), an existing affordable housing program that the HMFA administers. Through a competitive process, Ocean Green Senior Apartments was awarded 9% LIHTC that are expected to generate approximately $8.2 million in private equity.
"Ocean Green Senior Apartments will help replenish the supply of affordable rental units that were destroyed or damaged by Superstorm Sandy,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “This project will provide seniors on fixed incomes, individuals with special needs, and residents directly impacted by the storm with safe, decent, and permanent housing.”
The project, which will cost more than $12 million to develop, will have a positive economic impact on the community. HMFA estimates that the project will generate approximately $19.4 million in one-time economic output and create approximately 117 full-time jobs during construction. Upon completion, the project will continue to benefit the community by providing over $2.1 million in ongoing economic output and an estimated 12 full-time jobs annually. Other funding sources for the development of Ocean Green Senior Apartments include the Jersey City Affordable Housing Trust Fund.
“We are so pleased to use the State’s Sandy recovery funds to support this housing development, which truly represents HMFA’s core mission to provide safe, decent, and affordable housing in New Jersey,” said HMFA Executive Director Anthony L. Marchetta. “Ocean Green Senior Apartments will create jobs, enhance the downtown, and attract further economic development to the area.”
The development will be constructed on a site within convenient walking distance of grocery stores, places of worship, banks, and numerous retail establishments. Bus service and the Hudson Light Rail passenger train are each less than ¼ mile away. The Light Rail service offers access to shopping at Newport Mall, as well as connections to the PATH and other local and regional transportation options.
The units will be age restricted to 55 and older for those earning less than 60% of the Area Median Income (AMI), with 11 units being set aside for individuals with special needs at 30% of the Area Median Income. The Jersey City Office on Aging, C-Line, and Jersey City Medical Center’s Integrated Case Management Services (ICMS) will offer social services to residents at no cost. Upon completion, the Ocean Green Senior Apartments will be Energy Star-certified, and comply with HMFA’s own green building program, Green Future. The building will also feature a 1,600-square-foot community room, green roof terrace with landscaped seating area, on-site garage parking, laundry facilities, security guards, controlled Keycard Access, and security camera system.
For more information on HMFA programs, please visit www.njhousing.gov.