LITTLE FERRY - Local, state, and federal officials united in celebration at the grand opening of Osprey Point, a groundbreaking senior housing development featuring 85 affordable senior rental apartments with essential supportive housing services.

Osprey Point serves as a prime example of the profound impact that creating affordable housing in close proximity to essential services and amenities can have on enhancing the quality of life for both seniors and individuals with special needs. Notably, 68 of these apartments are specifically designated for residents aged 55 or older, strategically positioned near a community center offering vital services to help seniors maintain an active and independent lifestyle. An additional 22 units are dedicated to residents with special needs, 14 of which are apartments tailored for individuals living with Intellectual and Developmental Disabilities, while the remaining 8 are supported apartments designed to cater to those in need of mental health services.

While Osprey Point's three-story building extends a warm welcome to residents and guests and contains meticulously designed apartments what truly sets it apart is its unwavering commitment to providing high-quality affordable housing opportunities with independent and supported living options to seniors and vulnerable populations at affordable rates.

"Osprey Point represents inclusivity and affordability, ensuring that Little Ferry seniors have an affordable and secure place to call home, as well as a state-of-the-art community space that brings all Little Ferry residents together,"　stated NJHMFA Executive Director Melanie Walter. "Affordable housing for seniors helps long-time residents and workers remain in their hometowns, which is critical to preserving a community’s roots while helping it grow and thrive. 　NJHMFA is committed to providing support to older New Jersey residents with limited or fixed incomes, enabling them to age comfortably in place while preserving their independence and dignity."

Situated in a peaceful residential neighborhood, Osprey Point offers its residents easy access to the surrounding parks, trails, gardens, and outdoor seating, while simultaneously being a short drive from numerous shops, grocery stores, restaurants, and entertainment venues to meet residents’ needs. For residents who enjoy birdwatching, Mehrhof Pond is conveniently located next door, while those seeking faster-paced entertainment options will find the Meadowlands Racing and Entertainment Complex and the MetLife Sports Complex just a five-minute drive away.

"For decades it’s been a dream. We wanted to give our senior population on a fixed income an affordable, safe, housing option. We were thrilled to realize that dream and officially open the complex this week," said Little Ferry Mayor Mauro Raguseo. "This building is more than just a beautiful structure of bricks and mortar. For so many it represents hope and financial stability for the future. It means our seniors have an opportunity to stay in the community they love. It is a shining example of what can be accomplished if we have a vision and work together in a public private partnership to get things done."

For residents with special needs, Vantage Health System will provide social services and intensive on-site support to promote personal independence, life skills, and integration into the community.

Partnerships with Regan Development, the Borough of Little Ferry, the Bergen County Office of Community Development, the New Jersey Housing Mortgage Finance Agency, and Berkadia have been indispensable in bringing this vital development to fruition.

"Regan Development is proud to have partnered with the Borough of Little Ferry, the State of New Jersey and its HMFA, DDD and DMHAS, DEP and NJSEA divisions as well as Bergen County, TD Bank and Berkadia to successfully provide 85 high-quality energy, efficient, senior and supportive housing units for Little Ferry residents," said Larry Regan, President of Regan Development Corporation. "All public and private sector partners came together to overcome the challenges of Covid cost increases and spikes in interest rates to successfully bring the project to occupancy."

"Bright, safe, affordable housing is essential for our senior communities who deserve to live in comfort," said Congressman Bill Pascrell (D-NJ-09). "We are in dire need of more quality, affordable senior　housing in northern New Jersey. The construction of these apartments supported by federal tax credits will create valuable housing options for seniors and those with special needs in Little Ferry. Every time we open buildings like Osprey Point, we can help improve the lives of more of our neighbors – that’s a good thing."

"Osprey Point embodies our shared commitment to inclusivity and affordability, providing a secure and affordable home for Bergen County seniors, with direct access to essential amenities,"　said Bergen County Executive Jim Tedesco. "This development is a testament to the power of partnerships and the impact we can achieve when we work together to address the housing needs of our senior and vulnerable populations, ensuring they can maintain their independence and dignity while enjoying their golden years in the community they love."

NJHMFA financing, including $2.8 million from the Special Needs Housing Trust Fund and $1.7 million from the Affordable Housing Production Fund Set Aside, played a pivotal role in making this project viable. Unforeseen disruptions during the pandemic required NJHMFA to grant hardship credits and provide additional assistance to ensure construction was able to commence in September 2021.