FOR IMMEDIATE RELEASE: Tuesday, December 15, 2020

More Than $5.6 Million Awarded to Develop 25 Affordable Rental Housing Units in Montvale

MONTVALE, NJ – The Murphy Administration today announced the award of $5,694,00 to the nonprofit agency Montvale Family Apartments, LLC to build 25 new affordable rental units through the Affordable Housing Trust Fund (AHTF). The Fund, which was restored as part of Governor Murphy’s FY2020 budget, is administered by the Department of Community Affairs (DCA) and allows for the development of different types of affordable housing projects to support stronger, fairer, and more affordable communities.

“I committed to using Affordable Housing Trust Fund money for its intended use, and these awards in Montvale demonstrate the first fruits of that effort and our continued dedication to affordable housing and to moving New Jersey’s economy forward,” said Governor Murphy. “It is my pledge to secure quality, safe affordable housing options for as many families as possible. We will continue to partner with non profits to create innovative housing solutions to address Bergen County’s affordable housing shortages.”

“I am excited to see these affordable housing units become a reality. They will help strengthen the Montvale community, creating more diverse neighborhoods, while keeping Bergen County vibrant and prosperous,” said Lt. Governor Sheila Y. Oliver, who serves as DCA Commissioner. “The rental units will provide 25 families with the opportunity to have an affordable place to call home.”

The Montvale Family Apartments project will receive $5,694,000 for the new construction of two buildings containing a total of 25 affordable rental units located on 159 Summit Avenue in Montvale. The AHTF awards were given statewide to smaller rental and homeownership housing projects sized at 25 or fewer units, which often have difficulty obtaining financing. These projects will fill the gaps within the existing affordable housing ecosystem, build on current assets and investments, and add value to neighborhoods by addressing housing needs in an equitable way.

Project funding was based on several core principles, including advancing equity in addressing housing needs, encouraging leverage of other public and private resources, and allowing a flexible structure for funds to be used to complete projects. DCA also held multiple listening sessions to hear from stakeholders about the best way the funding could be most equitably spent.

"I am very glad to see the Affordable Housing Trust Funds begin to make a lasting impact on our communities in need," said Assemblyman Benjie Wimberly, chair of Assembly Housing Committee. “This will be life-changing for many families and it's only the beginning of ensuring good, quality housing opportunities for residents throughout New Jersey. I applaud the Governor's commitment and all of the organizations working together in the designated counties to make more affordable homes a reality in the state."

"Montvale is extremely pleased that DCA has decided to fund this important project. The receipt of this award will help provide needed affordable housing to hard-working families without burdening local residents and taxpayers,” said Borough of Montvale Mayor Mike Ghassali. “This program is a perfect example of a private developer, a State agency and local government working cooperatively for the benefit of New Jersey residents."

Selected projects demonstrated strong municipal support; participation in other state-funded community development initiatives; partnerships with private sector investors; sustainability/resilience; walkability; mixed-use; accessibility; and thoughtfulness in addressing gentrification.

The AHTF is allocated through three funds, all focused on creating housing for households earning less than 80 percent of Area Median Income (AMI), with preferences for providing units with deeper affordability. This project was funded by the Municipal Settlement Fund, which helps municipalities create smaller-scale projects that fit into the landscapes of their neighborhoods and assist them in fulfilling their court-sanctioned affordable housing settlements. Applicants may be municipalities or developers supported by a municipality. Municipalities are required to provide leverage in the form of funding from their local affordable housing trust fund or, where there is no local fund, in the form of publicly-owned property made available at low or no cost, or some other form of investment. The maximum subsidy for a given project financed through the Municipal Settlement is $6 million.

In addition to this award in Bergen County, the Murphy Administration announced the award of more than $19 million to housing organizations throughout the state through the Affordable Housing Trust Fund (AHTF).

The DCA offers a wide range of programs and services, including affordable housing production, fire safety, building safety, community planning and development, local government management and finance, and disaster recovery and mitigation.

For more information about DCA, visit or follow the Department on social media:

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Tammori Petty
Gina Trish
Lisa Ryan
(609) 292-6055