- CONTACT: Joel G. Cahn or George M. Cahn
- Cahn Communications
- (201) 996-9222
- 3 November 2004
JERSEY CITY, N.J. - State and local officials joined developers in Jersey City, NJ recently to help break ground on 26 units of affordable housing for moderate income home buyers.
Summit Avenue Homes will be located on scattered sites within Jersey City's Lafayette section, according to the developers, a joint venture of Applied Development Company of Hoboken and D.R. Mon Group, Inc. of Shrewsbury.
Prices will range from $123,600 for two-bedroom floorplans, and from $142,900 for three-bedroom designs.
"We're delighted to stand on this empty piece of land today which we will soon turn into the first of 26 beautiful new homes," said Dean Mon of the D.R. Mon Group, which will serve as the development's General Manager.
"As an immigrant in this country, I know the importance of the "American Dream," and we're thrilled to be involved in a program that will allow 26 families to experience that dream."
The Housing Mortgage and Finance Agency (HMFA) will offer 100% financing to qualified home buyers through its Home Buyers Program. In addition, no downpayment is required, and certain closing costs may be financed. The units are restricted to moderate income buyers, as per guidelines set forth by the Council on Affordable Housing (COAH).
"This is a great program that HMFA offers which allows us to provide quality housing for well-deserving families," added David Barry, President of Applied Development Company.
"While there's a tremendous amount of development taking place along the waterfront, much of it we're involved with, we believe projects like this one are critical to cities. We're committed to creating quality housing for residents of all income levels, and we commend the City Council, the HMFA, the Department of Community Affairs (DCA) and the Jersey City Redevelopment Authority (JCRA) for all working together to put the fate of Jersey City ahead of politics. It's this type of public/private partnership that gets projects like this one done."
New Jersey Housing and Mortgage Finance Agency Executive Director Marge Della Vecchia agrees, adding that the success of affordable housing projects often comes down to an effective partnership.
"It's easy to make money and mortgages available," she stated. "The hard part is sticking with the process through its completion. These are the kind of projects we love and encourage because spot development builds character and neighborhoods that incorporate their surroundings, as opposed to ripping out swaths of properties and building a row of new homes. I'm looking forward to returning here when the homes are completed and welcoming the new homeowners."
Summit Avenue Homes will feature eight two-bedroom floorplans with approximately 1,100 square feet of living space and 16 three-bedroom designs with approximately 1,500 square feet. Found throughout the homes are eat-in kitchens with refrigerators and dishwashers, spacious living rooms, wall-to-wall carpeting, central air conditioning, and individual storage space.
Initial occupancy is expected in spring, 2005.
For more information on Summit Avenue Homes, please call
1-877-NJAFFORD, or send an e-mail to NJAFFORD@verizon.net.
Equal Housing Opportunity