Christie Administration Marks Grand Opening of Affordable Housing Project in Tenafly, Bergen County Assisted with Federal Sandy Recovery Funds

Tenafly Supportive Housing Provides Six Affordable Apartments for Special Needs Individuals

Tenafly, NJ – November 24, 2015 – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local officials and representatives from Bergen County United Way and Madeline Housing Partners, LLC to celebrate the grand opening of Tenafly Supportive Housing, a six-unit affordable housing development for special needs individuals in Tenafly Township, Bergen County.

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded Tenafly Supportive Housing approximately $1.1 million in federal Community Development Block Grant (CDBG) Disaster Recovery funds through the Sandy Special Needs Housing Fund, which provides capital subsidies in the form of loans to developers to create permanent supportive housing in the nine most Sandy-impacted counties for low- and moderate-income special needs populations.

“The units in Tenafly are designed to meet the specific requirements of the individuals who will live there. The tenants are also slated to receive a variety of services geared to promote independent living,” said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA Board. “There was a need for more supportive housing before Superstorm Sandy and there remains a large unmet demand for units like these. The federal funding made the construction of the Tenafly homes possible.”

The project developer, Bergen County United Way (BCUW)/Madeline Housing Partners, was formed in 2004 to increase the supply of affordable housing. To date, it has developed 193 rental and owner-occupied units affordable to low- and moderate-income households, special needs individuals and seniors. For this project, BCUW/Madeline constructed two buildings totaling nearly 6,000 square feet. The first building features four two-bedroom units while the second building includes two one-bedroom units and a community room. All six units are fully wheelchair accessible and are equipped to accommodate residents with physical disabilities. Each unit includes a living room, kitchen, ADA-compliant bathroom, Energy Star-rated appliances, formaldehyde-free counters and cabinets, pre-engineered wood flooring, ceramic tile and high-efficiency heating and cooling units. The community is within walking distance of downtown Tenafly and near grocery stores, employment opportunities, shopping, and entertainment.

The social services coordinator for this project is Bergen County United Way/Housing Works, which will act as a liaison between the tenants, their supportive services providers, and the community.

“We are so pleased to use the state’s Sandy recovery funds to support this worthwhile housing development that truly represents HMFA’s core mission to provide safe, decent, and affordable housing in New Jersey,” said HMFA Executive Director Anthony L. Marchetta. “What was once a vacant lot is now the site of a beautiful, state-of-the-art residential community that is providing comfortable, permanent homes for those with special needs.”

All of the Tenafly Supportive Housing apartments will be rented to households with gross incomes of less than 30 percent of area median income (AMI). Overall, 75 percent of Sandy Special Needs Housing funding is allocated to households at or below 30 percent of AMI while 25 percent of the program’s funding is allocated to benefit households with gross income between 30 percent and 80 percent of area median income.

Aside from creating affordable apartments for people with special needs, the project, which cost $1.4 million to develop, will continue to have a positive economic impact on the Bergen County community. HMFA estimates that the project during construction supported approximately 13 direct and indirect/induced full-time equivalent jobs, generated approximately $81,200 in state and local taxes, and provided approximately $2.2 million in one-time economic output, which is defined as the total value of industry production such as sales and business revenues. Now completed, the project will continue to add value to the community by providing approximately $250,000 in ongoing economic output, 1.4 direct and indirect/induced full-time equivalent jobs, and approximately $14,000 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.

For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov

CONTACT:
Lisa Ryan
(609) 292-6055