Willows at Waretown Provides 76 Affordable Rental Housing Units for Seniors
Ocean Township, NJ – October 22, 2015 – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials and representatives of The Ingerman Group to celebrate the grand opening of Willows at Waretown, a 76-unit affordable rental community for seniors 55 and older in Ocean Township, Ocean County, which is one of the nine counties most impacted by Superstorm Sandy as determined by the federal government.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project approximately $6.7 million in Community Development Block Grant (CDBG) Disaster Recovery monies through the Fund for Restoration of Multifamily Housing (FRM). In the aftermath of Superstorm Sandy, the FRM program was created to provide for-profit and non-profit housing developers an opportunity to secure zero- and low-interest loans to finance the development of affordable housing in the nine most impacted counties. Additionally, HMFA provided the project approximately $2.4 million in construction and permanent financing, and a construction bridge loan of $6.8 million. The Agency also awarded it 4% federal Low Income Housing Tax Credits (LIHTC), which will generate a total of approximately $838,000 in private equity.
“Senior citizens, including those impacted by Superstorm Sandy, who are in need of affordably priced housing now have the option of brand new apartments here at Willows at Waretown,” said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. “Through its Sandy recovery programs, the State is helping to create affordable housing in the counties most affected by Sandy as an important feature of long-term recovery and revitalization.”
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.
The three-story residence consists of 70 one-bedroom apartments, and six two-bedroom apartments. Ingerman Management Company is managing the project and has an on-site coordinator who is providing supportive services to tenants, as well as organizing and monitoring programs offered to the entire community.
The development’s location along a major corridor in Ocean Township puts residents in close proximity to the Jersey Shore and its many amenities. Numerous grocery stores, pharmacies, and convenience stores are located nearby and the project is easily accessible to US Route 9 and the Garden State Parkway.
“Willows at Waretown will certainly serve as a social and economic asset in Ocean Township with its close proximity to retail, public transit, major state highways and open space.” said HMFA Executive Director Anthony L. Marchetta.
HMFA estimates that Willows at Waretown cost approximately $17.7 million to develop; generated approximately $28 million in one-time economic output; created approximately 168 direct and indirect/induced full-time jobs and approximately $1 million in state and local taxes during construction. Now completed, the project will continue to add value to the community by providing more than $3.1 million in ongoing economic output; approximately 18 direct and indirect/induced full-time jobs; and more than $176,500 in state and local taxes annually.
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.
Applications are still being accepted. For more information or to apply for a residence, people may email or visit www.ingerman.com/community-portfolio/p0447164 to download an application.
Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars 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 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.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.