February 24, 2012 - DCA & HMFA Break Ground on 55-Unit Affordable Condominium Community in West New York
DCA & HMFA Break Ground on 55-Unit Affordable Condominium Community in West New York
Jaclyn Heights to Meet Demand for Affordable Homeownership Units
NEWARK, N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials and community leaders to break ground on Jaclyn Heights, a 55-unit affordable housing community located on Jefferson Street in West New York. The HMFA, an affiliate of the Department of Community Affairs, is providing $6.7 million in financing for the development of this project through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) program.
"Jaclyn Heights is a wonderful addition to West New York as it will provide several residents in the community with access to safe, decent, affordable housing," said DCA Acting Commissioner Richard E. Constable, III, who is Chair of the HMFA. "My sincere congratulations go out to the development team who successfully transformed a vision into a reality."
Jaclyn Heights will consist of the new construction of a 15-unit building with three floors of condominiums and a 40-unit building with four floors of condominiums. Garage parking will be provided below each building. The condominiums will range in size from one bedroom/one bathroom to three bedroom/two bathroom. Nine of the units will be deed restricted with sales prices affordable to low and moderate income families. Sale prices will range between $82,000 and $278,000.
"The HMFA is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families in New Jersey and this project does just that," said HMFA Executive Director Anthony L. Marchetta. "Jaclyn Heights will help meet the demand for newly constructed housing in West New York and help revitalize one of the city's redevelopment areas."
The $6.7 million in HMFA funding includes a subsidy allocation of $1.8 million. CHOICE provides subsidy and construction financing for the development of single family for-sale housing units. It funds the creation of housing that meets the diverse economic development needs of New Jersey’s towns and cities. In addition to providing a portion of the funding to construct the project, HMFA will provide up to 28 end mortgage loans through the 100% Financing Mortgage Program. This program will allow qualified buyers to purchase the units without a down payment.
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.