More Than 3,700 Total Affordable Housing Units Created Through the Fund for Restoration of Multifamily Housing
TRENTON, NJ – November 13, 2015 – (RealEstateRama) — On the heels of the third anniversary of Superstorm Sandy, the Board of the New Jersey Housing and Mortgage Finance Agency (HMFA) recently committed approximately $75 million in federal Sandy recovery funds to create 524 affordable rental apartments in Monmouth and Ocean counties – two of the areas in the state hardest hit by the storm – for low- and middle-income families.
Funding for these projects is made possible with federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm. These projects are included in the third round of FRM funding.
“We are excited to commit $75 million in FRM funding to six multifamily projects in the two counties that were most severely affected by Sandy,” said New Jersey Department of Community Affairs Commissioner Charles A. Richman, who also serves as Chairman of the HMFA Board. “These projects help meet a housing demand that was exacerbated by Sandy and further the state’s overall mission of financing safe, decent, affordable housing in New Jersey.”
The six approved projects were selected based on FRM Program guidelines for the program’s third round. In the first and second FRM rounds, HMFA allocated $359 million of federal Sandy recovery funds to create approximately 3,180 units of affordable housing.
“The initial rollout of FRM third round funds included a special ‘set aside’ fund of no less than $50 million for criteria-specific projects critically needed in Monmouth and Ocean counties,” said HMFA Executive Director Anthony L. Marchetta. “With these third round FRM funds, we are happy to be able to finance housing for working families of limited financial means and middle income residents.”
One of the approved projects is a mixed-income/mixed-use development to be built in Keansburg by RPM Development Group. It is planned as a major revitalization project for the area with 186 family-style apartments complemented by nearly 7,000 square feet of commercial space designed to galvanize the borough’s marketplace appeal. The project, which was awarded $18.9 million in FRM funds, will also include a community open space plaza that will overlook Raritan Bay with views of Staten Island, the Verrazano-Narrows Bridge, and Manhattan.
“This project represents a major undertaking and an important investment for the area,” said Marchetta. “The inclusion of market rate units in Keansburg increases community diversity, expands the local tax base, and helps inject new households with disposable income to support with Borough’s business districts, driving economic growth and strengthening the long-term vitality of the community.”
The other housing projects awarded FRM funds include:
Howell Family Apartments, a 72-unit project in Howell Township awarded $12.2 million in FRM funds;
Lacey Family Apartments, a 70-unit project in Lacey Township awarded $11.9 million in FRM funds;
Lacey Family Apartments II, a 48-unit project in Lacey Township awarded $7.8 million in FRM funds;
Jackson Family Apartments, an 88-unit project in Jackson Township awarded $14.5 million in FRM funds; and
Oak Lane at Little Harbor, a 60-unit project in Little Egg Harbor Township awarded $9.5 million in FRM funds.
During the first 90 days of lease up, priority for residency in these six developments will be provided to Sandy-impacted individuals who have been displaced by or experienced major or severe storm damage from Superstorm Sandy.
Sandy-impacted residents can learn more about affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at www.njhrc.gov and clicking on “Priority Housing for Sandy-Impacted Residents.” The free database 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 added regularly as it becomes available.
All HMFA Board actions will take effect at the expiration of the 10-day statutory period for the Governor’s review and consideration of the meeting minutes.
For more information on HMFA programs, please visit www.njhousing.gov