December 17, 2013 CHRISTIE ADMINISTRATION MARKS GROUNDBREAKING OF GATES STATION RESIDENCES IN JERSEY CITY
CHRISTIE ADMINISTRATION MARKS GROUNDBREAKING OF GATES STATION RESIDENCES IN JERSEY CITY
Development Provides Ten Affordable For-Sale Condominium Units and Spurs Nearly $4 million in Economic Activity
JERSEY CITY, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined Jersey City and Hudson County officials to break ground on Gates Station Residences located at 126 Gates Station. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided approximately $790,000 in construction financing and $500,000 through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) Program.
"Gates Station Residences demonstrate how federal, state, local and private enterprise can work together to build quality affordable housing for families in New Jersey,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “I’m proud to be involved in projects such as these that make quality affordable homeownership a reality in Hudson County and throughout the state."
Once completed Gates Station Residences will provide ten newly constructed condominiums throughout five duplex buildings located in a walkable neighborhood surrounded by various forms of public transit, shopping, schools, and recreational facilities in the southern area of Jersey City. The two- and three-bedroom units will range in size from 900-1600 square feet and will be homeownership emerging market units priced between $185,250 and $199,500.
The project, with total project costs of $2.5 million, will provide affordable housing opportunities and have a positive economic impact on the greater Jersey City community. The HMFA estimates that the project will generate approximately $3.9 million in one-time economic output and more than $430,000 in on-going economic output.
“The HMFA is pleased to provide the capital financing for the development of this project which will provide an opportunity for affordable homeownership and an enhanced living experience for the residents of Jersey City,” said HMFA Executive Director Marchetta.
The project developer Sanjay Gupta has over 20 years of experience acquiring, managing, and developing real estate projects.
CHOICE, HMFA’s comprehensive financing program for the development of newly constructed and substantially rehabilitated homeownership housing in New Jersey, features low-market interest rate construction loans and construction subsidy funding for developers as well as favorable end loan financing for eligible homebuyers. CHOICE is intended to be a catalyst for the creation of viable homeownership markets in municipalities where home values currently do not support a sustainable new construction housing market.
For more information on HMFA programs, call 1-800-NJHOUSE or visit www.njhousing.gov