www.marejournal.com M id A tlantic Real Estate Journal — Owners, Developers & Managers — 2017 NJ Governor’s Conference on Housing & Economic Development — September 29 - October 12, 2017 — 15B 2017 NJ G overnor ’ s C onference on H ousing & E conomic D evelopment Project in Manchester Twp. will provide 76 affordable units for seniors Groundbreaking of senior apartments in Ocean County built with Sandy Recovery Funds M ing flyers on available housing by county. a n c h e s t e r Twp., NJ — New JerseyHousingand
Jersey Department of Com- munity Affairs (DCA) Commis- sioner Charles Richman, whose department administers most of New Jersey’s Sandy recovery initiatives and who also serves as chairman of the HMFA board. “The FRM Program is addressing this critical need by creating good quality afford- able housing like the kind that will be available at Birchwood at Whiting when it opens next year. We look forward to financ- ing more worthwhile projects in Sandy-impacted communities.” As with any FRM-funded
development, priority for resi- dency during the first 90 days of leasing at Birchwood at Whiting will be given to indi- viduals who were displaced by or experienced major or severe storm damage from Super- storm Sandy. Sandy-affected residents can learn more about affordable housing projects funded with Sandy recovery dollars by visiting the New Jer- sey Housing Resource Center at www.njhrc.gov and clicking on “Priority Housing for Sandy- Impacted Residents,” which will take visitors to a site list-
grams and financing,” said HMFA executive director An- thonyMarchetta . “The result is a project that helps meet the challenge of affordable housing for seniors, as well as special needs residents.” Ingerman Development is a developer, builder and manager of multi-family com- munities throughout the Mid- Atlantic region. Ingerman’s Department of Community and Supportive Services (CSS) will provide services to all future residents of Birchwood at Whiting. n
Birchwood at Whiting, lo- cated along Rte. 70, will feature a three-story, elevator-serviced building that will include one- and two-bedroom apartments, along with common space and a garden area. All homes will be affordable to residents at or below 60% of Area Median Income (AMI). “HMFA provided the capital financing required to make Birchwood at Whiting possible by leveraging Sandy recovery dollars with our existing pro-
Mortgage Finance Agency (HMFA) executive staff joined local officials and representa- tives of Ingerman Development to mark the groundbreaking of Birchwood at Whiting, a senior housing project financed with the help of Superstorm Sandy recovery funds. The $19.3 million project will provide 76 affordable units for seniors, including five units set aside for special needs residents with developmental disabilities. HMFA is providing signifi- cant funding for the project in- cluding $10 million in construc- tion and permanent financing from the agency’s Multifamily Conduit Bond program, which enables the developer to issue bonds through HMFA on a pass-through basis. The proj- ect also received $9.1 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the HMFA’s Fund for Restoration of Multifamily Housing (FRM) program, which was created in the aftermath of Superstorm Sandy to provide for-profit and non-profit housing developers an opportunity to secure zero- interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by the storm, as determined by the Department of Housing and Urban Development. The developer has also ap- plied for federal 4% Low Inter- est Housing Tax Credits, which are expected to generate $7.3 million in private equity for the project. To date, HMFA has fund- ed 5,150 housing units for households of low-to-moder- ate-income through the FRM program. HMFA received fed- eral approval in June 2017 to provide a fourth round of FRM funding, which is anticipated to create an additional 255 to 350 affordable housing units in counties hit hard by Sandy. “Sandy significantly reduced the supply of rental housing stock in New Jersey, especially in places like Ocean County that were most affected by the storm. This loss of rental units – coupled with low vacancy rates and increased costs – created tremendous hardships for families of limited financial means who were looking for affordable housing,” said New
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