Christie Administration Observes Grand Opening of Jersey City Senior Apartments Built with Sandy Recovery Funds
The
The HMFA provided the project with
As of June, HMFA has funded approximately 5,200 housing units through the FRM program. Of these, 4,560 units are for households of low-to-moderate-income. HMFA hopes to receive federal approval later this year to provide a fourth round of FRM funding.
"Today's grand opening demonstrates that
During the first 90 days of lease up, priority for residency was given to individuals who were 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
"This project combines a unique investment of funding from HMFA's Conduit Bond program, Sandy recovery assistance, and very competitive Low Income Housing Tax Credits, which leveraged additional dollars," said HMFA Executive Director Marchetta. "Such Innovative financing, creative vision, and community input are exemplary of HMFA's investments throughout
The developer,
Extensive supportive services are being provided to residents through
HMFA estimates that the project during construction generated approximately
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled "Economic and Fiscal Impacts of the
For more information on the
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