FOR IMMEDIATE RELEASE: Wednesday June 3, 2015

Christie Administration Marks Grand Opening of Affordable Housing Project Assisted with Federal Sandy Recovery Funds

Woodrow Wilson Commons III in Long Branch Provides 51 Affordable Rental Opportunities for Working Families, Five Units Set Aside for Individuals with Special Needs

 

　

LONG BRANCH, NJ – Representatives of the New Jersey Department of Community Affairs (DCA) and its affiliate, the New Jersey Housing and Mortgage Finance Agency (HMFA), today joined state and local officials, and representatives of Pennrose Properties, LLC, to celebrate the grand opening of Woodrow Wilson Commons III, the last section of a three-phase development that provides a total of 173 units, including 168 units of quality affordable housing in Long Branch, Monmouth County.

 

Woodrow Wilson Commons III received $3.5 million in Community Development Block Grant (CDBG) Disaster Recovery funding through the HMFA’s Fund for Restoration of Multifamily Housing (FRM) program, which provides housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by Superstorm Sandy as determined by the U.S. Department of Housing and Urban Development (HUD). The HMFA also approved the $15.2 million project for the competitive 9% federal Low Income Housing Tax Credits (LIHTC) of up to $10.8 million over ten years. The HMFA additionally provided Woodrow Wilson Commons III with approximately $613,516 in permanent financing.

 

"I commend the staff at HMFA for their efforts in helping to create affordable housing for those impacted by Superstorm Sandy, for working families, for senior citizens and for those with special needs," said David Reiner, Deputy Commissioner of the DCA, which administers many of New Jersey’s Sandy recovery initiatives. "I also congratulate the developers of Woodrow Wilson Commons for making use of a Sandy recovery program to help finance the last section of this excellent housing redevelopment project that revitalizes the neighborhood and transforms Long Branch."

 

Woodrow Wilson Commons III contains 51 housing units, five of which are set aside for individuals with special needs. Woodrow Wilson Commons I and II, which were completed and opened in February 2014, provide 122 apartments and a 2,500-square-foot community building. All units include a variety of amenities, including central air conditioning, electric ranges, and Energy Star appliances. Woodrow Wilson Commons III is Energy Star certified and features a mix of 10 one-bedroom units, 23 two-bedroom units and 18 three-bedroom units. Ninety percent of the units are available to families and individuals at or below 60% of Area Median Income (AMI), which for a family of four is $53,340.

 

Woodrow Wilson Commons III began leasing up its units on August 1, 2014 and during the first 90 days of lease-up, priority for residency was given to Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage. The development is fully occupied, but individuals who are interested in a unit can apply and will be placed on a waiting list. For more information, contact the Woodrow Wilson Commons Community Building at (732) 963-2266 or email

 

 

info@woodrowwilsoncommons.com

for further details.

www.njhousing.gov

.