Gregory Senior Residences and Maestro Annex Phase II Provides 52 Units of Affordable Rental Housing for Seniors
Long Branch, NJ – October 15, 2015 – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local and state officials along with representatives of the City of Long Branch Housing Authority, Maestro Community Development Corporation, Conifer Realty, LLC, and The Metro Company, LLC to celebrate the grand opening of Phase II of the Gregory Senior Residences and Maestro Annex, an affordable senior housing development in Long Branch, Monmouth County. A total of 52 residences are move-in ready for independent seniors age 62 and older.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided Conifer Realty LLC with more than $3.9 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM) program and $1 million in permanent financing. The Agency also awarded the project competitive 9% federal Low Income Housing Tax Credits (LIHTC), which will generate $7.9 million in equity.
“Gregory Senior Residences and Maestro Annex Phase II demonstrates the Christie Administration’s commitment to developing quality housing for families living on limited or fixed incomes who have been impacted by Superstorm Sandy,” said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA board. “This project will help meet an affordable housing demand that was exacerbated by Sandy and will provide a home for seniors who are often times more vulnerable to natural disasters due to damaged or disrupted support networks, accessibility issues or increased cost of living.”
The project was jointly developed by the Mount Laurel-based Conifer Realty LLC in partnership with Maestro Community Development Corporation (MCDC) and Metro Company LLC (Metro) of Jersey City. MCDC is a non-profit organization which is a subsidiary of the Long Branch Housing Authority formed to maximize development and redevelopment opportunities within the City of Long Branch and other areas for the tenants of the Authority and/or other residents of limited financial means. Metro, located in Jersey City, is a finance and development consulting group specializing in structuring public and private financing packages and in planning and developing affordable and mixed-income housing developments.
Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance, rented an apartment or owned a primary residence that was no longer habitable due to Sandy damage were given priority during the first 90 days of leasing.
Gregory Senior Residences and Maestro Annex Phase II is within walking distance to shopping, restaurants and banks. Each unit provides Energy Star-rated kitchen appliances, along with heating and cooling systems that meet the Energy Star Program requirements.
While the 90-day priority period for Sandy-impacted individuals has concluded, the project is still accepting applications. Those interested in learning more about Gregory Senior Residences and Maestro Annex Phase II rental units may call the community manager at (732) 571-6636. They can also email" target="_blank"> or visit http://www.coniferllc.com/ orhttp://www.lbhousing.org/ for more information.
“Gregory Senior Residences and Maestro Annex Phase II have transformed an historic building and campus into an attractive housing community that provides quality affordable housing opportunities for seniors,” said HMFA Executive Director Anthony L. Marchetta. “This project represents HMFA’s mission of providing safe, decent, and affordable housing, especially to our senior residents with ease of access to important resources, such as public transportation, retail and shops in Monmouth County.”
HMFA estimates that Gregory Senior Residences and Maestro Annex Phase II cost approximately $13.5 million to develop; generated approximately $21 million in one-time economic output; created approximately 128 direct and indirect/induced full-time jobs during construction; and approximately $783,000 in state and local taxes. Now completed, the project will continue to add value to the community by providing more than $2.4 million in ongoing economic output; 14 direct and indirect/induced full-time jobs; and $135,000 in state and local taxes annually. Other funding sources for development include a construction loan from Bank of America.
These economic impact figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
For more information on HMFA programs, including the Fund for Restoration of Multifamily Housing, please call 1-800-NJHOUSE or (609) 278-7400, or visithttp://www.njhousing.gov/.
Also, Sandy-impacted residents can learn more about affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at http://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 counties the federal government determined were most impacted by Superstorm Sandy. 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 becomes available.