June-3-2011 DCA & HMFA Celebrate the Ribbon Cutting of Oasis Housing in Camden
DCA & HMFA Celebrate the Ribbon Cutting of Oasis Housing in Camden
Project Provides 10 Affordable Housing Units in Gateway Neighborhood
CAMDEN, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) representatives today joined City of Camden Mayor Dana Redd and other local officials to celebrate the completion of Oasis Housing, an affordable housing community in the Gateway neighborhood and redevelopment area of Camden. The HMFA, an affiliate of the Department of Community Affairs (DCA), committed approximately $2.3 million in pre-development, construction, and subsidy loans for the project.
“The Oasis project is a wonderful addition to the City of Camden as it will provide several residents in the community with access to safe, decent, affordable housing. It also brings stability and cohesiveness to the City’s Gateway neighborhood,” said DCA Commissioner Lori Grifa, who is Chair of the HMFA. “My sincere congratulations go out to the development team who successfully transformed a vision into a reality.”
Oasis Housing provides a total of 10 affordable housing units for individuals and families. Eight of the units are two-story townhomes and the two remaining units are in a duplex. The community is located on Sycamore Street in the City’s Gateway neighborhood.
The units will range in price between $74,000 and $90,000. The project includes one affordable unit, three moderate income units, and six workforce housing units. Each of the townhomes features three bedrooms, two and a half bathrooms, and one car garage. The duplexes have three bedrooms, one and half bathrooms, and two off–street parking spaces.
The Oasis Development Corporation partnered with the St. Joe’s Carpenter’s Society to develop the community. Both non-profit organizations are committed to rebuilding and revitalizing the Gateway neighborhood, which is home to Met East High School, a charter school that is part of the national network of Big Picture Schools through the Bill and Melinda Gates Foundation.
“Oasis Housing truly represents the Agency’s mission of investing in projects that increase affordable homeownership, encourage people to live where they work, and enhance the well-being of the community,” said HMFA Executive Director Anthony L. Marchetta. “I am delighted that the Agency’s CHOICE Program was able to provide substantial funding for construction and permanent financing.”
As part of the funding, the HMFA provided a subsidy loan of approximately $1 million under the Choices in Home Ownership Incentives Created for Everyone (CHOICE) program. CHOICE is the Agency's financing program for the development of newly constructed and substantially rehabilitated homeownership housing in New Jersey. The program features below-market interest rate construction loans and construction subsidy funding for developers, as well as favorable end loan financing for eligible homebuyers.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.