HMFA Breaks Ground on Mixed-Income Housing Project in Jersey City
Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials to break ground on Glenview Townhouses, a 63-unit, mixed-income family apartment complex in Jersey City. The HMFA, an affiliate of the Department of Community Affairs, is providing mortgage funding and allocation federal Low-Income Housing Tax Credits (LIHTC) to the project.
Glenview Townhouses is the sixth phase of a multi-phase Lafayette Gardens HOPE VI Revitalization Program. The complex will consist of six buildings, housing apartments ranging from one-bedroom to four-bedroom units. Fifty-five of the units will be affordable to households whose incomes are below 60 percent of area median income, and eight of the units will be rented at market rate. Also, 5 percent of the units will be handicapped accessible and an additional 2 percent will have amenities to assist the visually and hearing impaired.
The project, which is near Jersey City’s downtown area, will meet Energy Star requirements resulting in energy savings of approximately 15 percent. The Energy Star features include high-efficiency heating and cooling systems and energy-saving lighting, appliances, and ventilation.
The HMFA will provide approximately $1.2 million in mortgage financing for the project in addition to awarding $1.6 million in federal LIHTC. The tax credits will generate private equity of approximately $10.8 million. The Jersey City Housing Authority is providing in excess of $5 million in funding. The HMFA is also allocating $2.75 million in Tax Credit Assistance Program funds; more than $61 million of that is from ARRA.
Glenview Townhouses is being developed by Michaels Development Company in partnership with the Jersey City Housing Authority. In addition to this project, the company and JCHA have partnered on the development of 284 other housing units.