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Each unit will include a large living room/dining area, 1 full bathroom with double sinks, kitchen, washer/dryer, dishwashers, and central heating and ventilation. All units will have bamboo hardwood floors, ceramic tiling, stainless steel appliances, granite countertops and recessed lighting. The building is environmentally friendly and designed in accordance with the Green Building Council’s LEED Silver certification which is considerate of the environment and will save on utility costs. The building will be ready for full occupancy in the summer 2010.
This building is being built on two vacant lots that have been eyesores to the neighborhood for many years. The lots were acquired from the Jersey City Redevelopment at a discounted price to help the affordability of the project. This project will cost over $2.1M to build and is made possible with the financial support of the Jersey City Department of Housing and Economic Development and Commerce, Division of Community Development HOME Program ($506,000), the Jersey City Affordable Housing Trust Fund ($451,000), PNC Bank ($655,000), the New Jersey Department of Community Affairs Neighborhood Revitalization Tax Credit Program (NRTC) ($270,000) through investments from PNC Bank and Blue Cross Blue Shield, and New Jersey Community Capital ($100,000). Predevelopment financing was provided by the Greater Newark and Jersey City Local Initiatives Support Corporation ($80,000).
Mayor Healy - “We are pleased to see this project begin as it will turn what was once two unproductive, vacant lots into quality, affordable homes for the people of this community,” said Mayor Healy. “This kind of redevelopment is taking place throughout our city and is the type of quality of life improvement that helps invigorate a neighborhood, particularly one like Monticello Avenue that is a designated Main Street through the Department of Community Affairs. We look forward to the day when the families move into these beautiful homes”.
Carol Mori, Executive Director of JCECDC said “We are very proud to start the construction of our 4th home ownership development. Without this type of development where home ownership is made affordable to moderate income residents, they would have very little options to reach this dream. This project is critical because it will help to the efforts of the Monticello Redevelopment Plan, the Bergen Communities United neighborhood plan and the building is designed to be environmentally friendly under the LEED program. We are grateful to everyone that took part in moving this project forward”.
This project is scheduled for completion in the summer of 2010. JCECDC plans to commence the construction of another 5 two family homes later this year and acquire 10-15 foreclosed two family homes for resale to moderate and middle income folks. JCECDC has developed over 166 units of affordable housing in Jersey City and is planning another 150+ units through 2012. |
