Ingerman at Wesmont Station Provides 104 Affordable Rental Apartments for Working Families and Individuals with Special Needs
WOOD-RIDGE, NJ -New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and The Ingerman Group to celebrate the grand opening of Ingerman at Wesmont Station, a 104-unit affordable rental housing development for working families, with six units set aside for individuals with special needs.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project approximately $5.5 million in federal Sandy Recovery funds through the Fund for Restoration of Multifamily Housing (FRM), which enables developers to secure zero-interest and low-interest loans to finance affordable housing developments in the nine counties the federal government determined were most affected by the storm. HMFA also provided approximately $2.6 million in permanent financing through the Multifamily Conduit Bond Program, and awarded the project the extremely competitive 9% federal Low Income Housing Tax Credits, which will generate approximately $17.8 million in private equity.
"We are very pleased to officially open Ingerman at Wesmont Station, which provides affordable apartments for working families, including those with special needs, in a county that was significantly impacted by Sandy," said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. "This project is helping to transform an underutilized, former industrial site into a dynamic community filled with housing, businesses, recreational facilities and public space."
Individuals who were displaced by and/or experienced major or severe damage from Superstorm Sandy were given priority during the first 90 days of leasing.
Ingerman at Wesmont Station is situated on the former Curtiss Wright Industrial Complex and is part of a larger mixed-use neighborhood conceived by master developer, Somerset Development. The development features a mix of one-, two-, and three-bedroom apartments with private entrances off breezeway corridors. Every apartment includes a patio or balcony, parking and energy-efficient appliances, including a washer and dryer. The project also features a fitness center, as well as a large community center. It is easily accessible to schools, parks, public transit, grocery stores and local shops.
"We are excited to be part of the Wesmont Station Redevelopment Project. The Borough of Wood-Ridge has been great to work with and we are delighted by the positive feedback we've received from the community," said Brad Ingerman, President and CEO of Ingerman, which develops, builds and manages multi-family communities throughout the Mid-Atlantic region.
"HMFA provided the capital financing required to make Ingerman at Wesmont Station possible by leveraging federal Sandy recovery dollars with our existing programs and financing mechanisms," said HMFA Executive Director Marchetta. "The Multifamily Conduit Bond Program enabled the project developer to issue bonds through HMFA, on a pass-through basis, at the lowest interest rates available in the marketplace while securing the 9% housing tax credits that generated nearly 65 percent of the project's total development cost."
Ingerman at Wesmont Station, which cost approximately $27.6 million to develop, will not only provide affordable rental apartments for New Jersey working families, but will continue to have a positive economic impact on the Bergen County community.
HMFA estimates that the project has generated approximately $43.7 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 260 direct and indirect/induced full-time equivalent jobs, and approximately $1.6 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $4.9 million in ongoing economic output, 28 direct and indirect/induced full-time equivalent jobs, and approximately $275,000 in state and local taxes annually.
These economic impact figures were estimated using multipliers derived from a 2013 study entitled "Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency's Investment in Affordable Housing," conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at http://www.njhrc.gov/. The database is free and easy to use. On the homepage, individuals can click on "Priority Housing for Sandy-Impacted Residents."
The page that opens will display a list of available housing opportunities throughout the nine counties the federal government determined were most impacted by Superstorm Sandy. The list includes such information as where projects are located, total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and date applications are being accepted. New information is being added regularly as it becomes available.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.