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The HMFA, an affiliate of the Department of Community Affairs (DCA), provided financing for this project through the Multifamily Rental Housing Program, the Special Needs Housing Trust Fund and through an allocation of federal Low Income Housing Tax Credits.
“We are extremely proud to have partnered on a project that provides affordable housing for working families and special needs residents of the Hudson County community,” said HMFA Executive Director Marchetta. “Creating quality affordable housing options for all segments of the population requires partnerships between the communities, developers, and local, state and federal government entities.”
The development, which straddles Union City and West New York, has 52 housing units, including 14 apartments designed as supportive units for individuals with developmental disabilities and other special needs.
All units are affordable to households at or below 60% of area median income.
According to the state Department of Community Affairs: “The developer, Regan Development Corporation, utilized the latest in green building technologies by participating in both the federal Environmental Protection Agency’s Energy Star Home Program and the State of New Jersey Green Homes Program. Retail, public transportation and commercial services are all within walking distance of the property, which is located on the border of West New York and Union City.”
“The successful completion of Horizon Heights demonstrates how the State of New Jersey can collaborate with municipalities and private developers to provide affordable housing for residents,” said DCA Commissioner Lori Grifa. “I am pleased the HMFA was able to contribute to this project, which would not have been realized without the hard work, persistence and commitment of the entire development team.”
The HMFA provided a combination of funding for Horizon Heights. Included in the HMFA financing was $700,000 in permanent financing from the Multifamily Rental Housing Program and $1.4 million through the Special Needs Housing Trust Fund.
Additionally, the HMFA as administrator of the federal Low Income Housing Tax Credit provided an allocation of credits that generated $12 million in private equity. Hudson County also funded $4.3 million in Federal Home Loan dollars to reduce the rents to affordable levels.
Regan Development Corporation is a family-owned housing construction firm based in Ardsley, NY, that has experience in commercial and residential real estate, including special needs housing.
For more information on HMFA programs and mortgages: 1-800-NJHOUSE or 609-278-7400, or: www.nj-hmfa.com.
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