Project Assisted with Sandy Recovery Funds Provides 70 Affordable Homes for Working Families with Five Set Aside for Homeless
 
JERSEY CITY – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined elected state and local officials and community leaders to celebrate the grand opening of 70 new rental homes at Gloria Robinson Court Homes. Today’s grand opening marks the fourth and final phase of the transformation a vacant high-rise public housing project, which was demolished in 2010, into stylish, mid-rise buildings featuring modern, fully-equipped apartments and townhouses. The new residences are affordable to workforce families with five set aside for homeless. The project was developed by Pennrose Properties, LLC, in conjunction with the Jersey City Housing Authority.
 
Located on a nearly 2-acre property at 320 Duncan Avenue, Gloria Robinson Court Homes encompasses four separate buildings and offers working families a choice of one-, two-, three-, and four-bedroom residences that include carpeted bedrooms, tile bathrooms, energy efficient kitchen appliances, and modern HVAC and water heaters. Community features include on-site parking, an on-site playground, landscaped grounds, on-site maintenance with 24-hour emergency service, and proximity to community parks. Residents have access to support services that include, but are not limited to, employment, financial, health counseling, and supportive housing case management. Pennrose Management Company will manage the building.
 
“We are proud to be involved in developing this affordable community which offers working families, including those impacted by Superstorm Sandy, a selection of high-quality housing units in a revitalized neighborhood of Jersey City,” said HMFA Executive Director Marchetta. “Today, we can count Gloria Robinson Court Homes among the projects made possible, in part, because of Sandy recovery funds, which are helping New Jersey residents maintain a sound, safe quality of life at a monthly cost they can comfortably afford.”
 
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded Gloria Robinson Court Homes the highly competitive 9% Low Income Housing Tax Credits (LIHTC), which are expected to generate more than $15.8 million in private equity. Additionally, HMFA awarded the project approximately $3.9 million in federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm.
 
Beyond providing affordable residences to working families and special needs residents, the approximately $20.9 million total development cost of this project will continue to have a positive economic impact on Jersey City and greater Hudson County. HMFA estimates that the project has generated more than $33.1 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 198 direct and indirect full-time equivalent jobs, and more than $1.2 million in state and local taxes. Now completed, the project will continue to add value to the community by providing more than $3.6 million in ongoing economic output, 21 direct and indirect full-time equivalent jobs, and $209,000 in state and local taxes annually. These Economic Impact Analysis 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.
 
Priority for residency at Gloria Robinson Court Homes is being provided to Sandy-impacted individuals for the first 90 days of lease-up. Applications are still being accepted. People interested in applying can pick up an application at 322 Duncan Avenue, Jersey City, NJ, 07306. They can also call (201) 332-4609, send an email to GloriaRobinson@pennrose.com, or visit https://pennrose.com/apartments/new-jersey/gloria-robinson-court-homes/ for more information.
 
Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at www.njhrc.gov. The database is free and easy to use. On the homepage, individuals can click on “Priority Housing for Sandy-Impacted Residents.”
 
People can also find information by visiting www.renewjerseystronger.org and clicking on “Priority Housing for Sandy-Impacted Residents Available” at the top of the webpage. The website provides such information as where projects are located, the total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and the date applications are being accepted. New information is added regularly as it becomes available.
 
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.