Edison, NJ – The Residence at Roosevelt Park, a renovation and adaptive-reuse of the original 1937 Roosevelt Hospital in Edison, officially marked its reopening as an affordable housing community for seniors aged 62 and older on Wednesday.
The revitalized building, developed by Pennrose, LLC and Middlesex County, includes 85 apartments for senior residents with income limits ranging from $36,900 to $56,940. Twenty-two units are prioritized for veterans, and five are set aside for homeless individuals. Residents have already begun to move in within the last several days.
Situated on 11 acres adjacent to Menlo Park Mall and Roosevelt Park, the Residence at Roosevelt is near several senior healthcare facilities, public transportation, and major roads such as the Garden State Parkway, Route 1 and the New Jersey Turnpike.
The apartments feature combined living and dining areas and fully-equipped kitchens. The building also features a community room, roof deck, fitness center, on-site management, laundry facilities, and a resident lounge on each floor. Rents for one-bedroom apartments range from $897 to $1,095 and from $1,071 to $1,308 for two-bedroom apartments.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) awarded the Residence at Roosevelt Park the very competitive 9% federal Low Income Housing Tax Credits, which are expected to generate nearly $14 million in private equity for the project which cost approximately $24.9 million to develop.
“The restoration of this building advances NJHMFA’s mission to make quality affordable housing available to New Jersey seniors and expand supportive housing opportunities,” said NJHMFA Executive Director Charles A. Richman. “Not only has the Residence at Roosevelt Park preserved a landmark building, it is providing stable homes and peace of mind to seniors on fixed-incomes so that they can age in place.”
Roosevelt Hospital, a Colonial-revival structure of red brick and limestone, was originally built in 1937 as part of the New Deal through the Federal Public Works Administration. An annex was built decades ago at the west end to provide modern support facilities and offices, and the complex reached its current configuration in 1980 with the construction of a 250-bed addition for long-term elderly care for low-income residents. In recent years, the facility became obsolete, and portions of the building were decommissioned. Other skilled nursing facilities were built within the county, and all patients of Roosevelt Hospital were relocated to these facilities leaving the original hospital building vacant until its eventual adaptive reuse as senior affordable housing.
Pennrose is providing on-site management and professional maintenance, as well as a supportive services coordinator who will work with residents with special needs. Residents of the special needs units will be provided with resources and referrals to case management, health management, counseling, and financial literacy/budgeting advice.
NJHMFA, an affiliate of the New Jersey Department of Community Affairs, has been a leader in the creation and rehabilitation of nearly 100,000 affordable housing opportunities for families, seniors, and special needs residents statewide through its loan financing and bond programs; mortgage, down payment and closing costs assistance; and the award of federal Low Income Housing Tax Credits. For more information on NJHMFA programs, visit www.njhousing.gov.
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