Heritage Village at Oakhurst in Ocean Twp., Monmouth County, Will Provide 93 Units of Affordable Rental Housing for Senior Citizens, 5 Set Aside for Individuals with Special Needs
OCEAN TOWNSHIP, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives of Community Investment Strategies, Inc., (CIS) to celebrate the groundbreaking of Heritage Village at Oakhurst. The housing development will consist of the new construction of a four-story building with 93 affordable one- to two-bedroom units for seniors, and individuals with special needs.
Building amenities at Heritage Village at Oakhurst will include two elevators, an on-site management office, and ample community space for its residents. Five of the 93 total units will be set aside for homeless individuals with special needs. Social services including case management will be provided to special needs tenants by Collaborative Support Programs of NJ, Inc. The development site is located next to an area with extensive commercial development along State Highway 35. To the east of the site, there is a large municipal park with walking trails, tennis courts, and a pool. Heritage Village at Oakhurst is intended to replace a senior housing community partially destroyed by Hurricane Irene.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided Heritage Village at Oakhurst with Agency financing and awarded approximately $11 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM) program, which provides zero-interest and low-interest loans to housing developers to finance affordable housing development in the nine counties the federal government determined were most impacted by Superstorm Sandy. Also, the HMFA approved the project for 4% federal Low Income Housing Tax Credits (LIHTC) of up to $6.4 million over ten years. The HMFA additionally provided approximately $500,000 in construction and permanent financing for the project from the Special Needs Housing Trust Fund.
“Heritage Village at Oakhurst demonstrates the Christie Administration’s commitment to supporting the development of quality housing for households living on limited or fixed incomes, in this case seniors, who have been impacted by Superstorm Sandy,” said DCA Acting Commissioner Charles Richman, whose Department administers many of New Jersey’s Sandy recovery initiatives. “This project will also help to meet an affordable housing demand that was exacerbated by Sandy and will provide a foundation upon which the Ocean Township community can build for years to come.”
During the first 90 days of lease-up of Heritage Village at Oakhurst, priority for residency will be given to Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage. It is anticipated that apartments will be available in the Fall of 2016. Individuals who are interested in learning more about the project and its rental units may call (732) 493-6454 or visit www.ciscommunities.com.
“The HMFA is immensely pleased to be a part of Heritage Village at Oakhurst, which would not have broken ground without the collaborative effort of our agency, CIS, Ocean Township, and Monmouth County,” said HMFA Executive Director Marchetta. “This senior development will not only deliver quality affordable housing opportunities to seniors affected by the storm, but also introduce new investment to the community.”
HMFA estimates that Heritage Village at Oakhurst, which will cost approximately $23.1 million to develop, will generate approximately $36.7 million in one-time economic output and create approximately 220 direct and indirect/induced full-time jobs and $1.3 million in state and local taxes during construction. Once completed, the project will continue to add value to the community by providing more than $4 million in ongoing economic output, 23 direct and indirect/induced full-time jobs annually, and approximately $231,000 in state and local taxes. Other funding sources for Heritage Village at Oakhurst include the Township of Ocean, Monmouth County HOME funds, a seller’s note, and a deferred developer fee.
Heritage Village at Oakhurst will be developed by CIS, a certified woman-owned business enterprise that specializes in multifamily housing, including 55+, senior housing, and mixed-use redevelopments as well as market-rate and affordable housing.
To date, the HMFA has approved FRM funding for 54 affordable housing developments in the nine most impacted counties of which 30 developments are in the hardest hit counties of Atlantic, Monmouth and Ocean.
Sandy-impacted residents can learn more about these affordable housing projects 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. The page that opens will display a list of available housing opportunities throughout the nine most impacted counties. The list includes such information as where projects are located, total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and date applications are being accepted. New information is regularly being added as it become available.
For more information on HMFA programs, including the Fund for Restoration of Multifamily Housing, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.