Nelson House Washington Hall Condominiums Provides Affordable Homeownership Opportunities in Salem County
Salem City, NJ – November 9, 2015 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined local officials and community leaders for the grand opening of? Nelson House Washington Hall Condominiums, a 30-unit affordable housing community located on 183-187 East Broadway, Salem City. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided a construction loan of $833,683 and approximately $1.5 million in financing for the venture through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) program. The CHOICE program provides subsidy and construction financing for the development of single-family, for-sale housing units that meet the diverse economic development needs of New Jersey’s towns and cities.
“The ?Nelson House Washington Hall Condominiums, will give the Salem area needed quality affordable housing” said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA.? “The residents will also benefit from the development’s central location close to downtown shopping and transportation.”
Comprising 30 brand new residences, the four-story Nelson House Washington Hall Condominiums feature a well-appointed lobby, lounge, community activity room, and six condominium units on the ground floor. The second, third and fourth floors offer eight condominium homes, each offering two bedrooms and one bathroom encompassing approximately 900 square feet of living space. Each home, priced at an affordable $80,000, includes a washer, dryer, stove, and refrigerator.
“The HMFA is dedicated to increasing the availability and accessibility of safe, decent and affordable housing to families in New Jersey and this lovely condominium complex is a perfect example of that,” said HMFA Executive Director Marchetta.
Nestled in the scenic landscapes, living history and lively arts of Salem County, the Nelson House Washington Hall Condominiums are in close proximity to a library, county offices, health care, a church, a bank and a school. The complex is also within easy driving distance of many attractions in Wilmington and Philadelphia and at the Jersey Shore.
The developer of this project is Tri County Real Estate Maintenance Co. Total development cost for Nelson House Washington Hall Condominiums is $3.9 million.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj.gov/dca/hmfa/.
or Emike Omogbai