Nov-02-2009 DCA, HMFA Helps Break Ground on 85-Unit Affordable Apartment Building in Paterson
DCA, HMFA Helps Break Ground on 85-Unit Affordable Apartment Building in Paterson
PATERSON - New Jersey Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman and New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today joined local, state and federal officials to break ground on Belmont Senior Apartments, an 85-unit, mid-rise building project located at Belmont Avenue and Cliff Street in Paterson. The HMFA, an affiliate of the DCA, has committed $2.8 million in mortgage funding for the project.
"This apartment building will not only provide affordable housing for senior citizens in the community, it will convert an abandoned, underutilized property into attractive new housing that will positively impact the community," said Acting Commissioner Richman. "The development will also have a direct benefit of providing jobs."
The four-story building will include 81 one-bedroom apartments and 4 two-bedroom units, featuring a living room/dining area, kitchen, bathroom, walk-in closet and emergency call system accessed from the bedroom and bathroom. All the units will meet Energy Star standards for energy efficiency and be handicapped adaptable. The building will also be designed so all people can access it with a minimum of obstacles. Other amenities will include onsite parking, an outdoor pavilion with sitting area for residents, community space with a full kitchen, onsite medical office space for residents that is managed and operated by the Paterson Housing Authority, security patrol, and a series of lounge areas. The building will have two accessible elevators.
The development will provide affordable rental housing for seniors 55 years and older whose incomes do not exceed 60 percent of the area median income. Ten percent of the units will be designated for households whose income does not exceed 35 percent of the area median income and 20 percent will be set aside for frail elderly tenants who need help in performing at least two basic daily living tasks.
A supportive service coordinator will be assigned to the building to work with the tenants. The coordinator will interview new residents to determine what needs they have and will encourage all residents to participate in educational, senior-focused programs on financial management, household budgeting and nutrition.
"As construction begins on this highly visible and prominent corner in Paterson, feelings of optimism and hope are sure to spread among residents and business owners based on renewed investment in the community," said HMFA Executive Director Della Vecchia. "The HMFA is happy to have played a role in getting Belmont Senior Apartments off the ground."
The HMFA will provide approximately $2.8 million in mortgage financing for the project and will allocate $3.14 million in Tax Credit Assistance Program (TCAP) funds that are being made available under the federal American Reinvestment and Recovery Act (ARRA) of 2009. The HMFA has been charged with distributing the TCAP funds, which aim to jumpstart affordable housing construction stalled by the economic downturn. It is also aimed at immediately creating new jobs or saving jobs at risk of being lost due to the economy.
This project is anticipated to create approximately 40 to 50 full-time jobs in such areas as security and management during the construction period. It will positively impact another 500 people in terms of construction and suppliers. Once construction is complete, between 10 and 15 people will be employed full-time at the apartment building.
The development is also receiving funding from the U.S Department of Housing and Urban Development, the Paterson Housing Authority and New Jersey's Clean Energy Program, as well as additional support from ARRA stimulus funds.
Roizman Development, Inc., a real estate developer and property management company based in Plymouth Meeting, Pa., will develop the project. The building is slated for completion in 2011.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.