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- Cahn Communications
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- 14 April 2004
LONG BRANCH, N.J. - State and local officials joined developers and a group of proud homeowners in Long Branch, N.J. recently to celebrate the completion of a 48-unit, affordable housing development.
Long Branch Mayor Adam Schneider, City Council Members and representatives of New Jersey's Housing Mortgage Finance Agency (HMFA) were on hand for ribbon cutting ceremonies that took place just eight months after ground was broken on Procter Estates.
However, planning for the $4.4 million development off Joline Avenue began three years ago as city officials looked to continue its effort of providing the American Dream of home ownership to first-time buyers at below-market prices throughout the city.
"Today is an exciting day for us all as we welcome these well-deserving
Long Branch residents to their new homes and help them celebrate the
wonderful benefits they will now enjoy as proud homeowners,"
said Mayor Schneider.
"It's also an important milestone for the city of Long Branch
as the culmination of this development underscores our commitment
to creating quality affordable housing while also spearheading a revitalization
and renaissance that will extend beyond the waterfront."
Procter Estates, which was developed by a joint venture of Applied Development Company of Hoboken and D.R. Mon Group, Inc. of Shrewsbury on the site of a former construction yard, is part of a larger city-wide redevelopment plan that was adopted in 1996.
Other activities initiated by the plan include the completion of Riverwalk, 38 affordable units also developed by the Applied/Mon group, as well as the current reconstruction of Ocean Boulevard which will transform the former barrier between the oceanfront and the city by creating a new landscaped boulevard with reduced lanes and speed limit, and adding bike lanes which will all serve to increase public access to the oceanfront.
In addition, the city is currently constructing four new public schools, including a $50 million middle school that broke ground last September, a $63.5 million high school which broke ground in February, and two new grammar schools set to open shortly.
The Procter Estates community, which is completely sold out, was also made possible by the New Jersey HMFA (HMFA) and Amboy National Bank which provided the $4.4 million in construction and subsidy funds through Governor McGreevey's Market Oriented Neighborhood Investment program (MONI). MONI provides financing to housing developers for the construction or rehabilitation of for-sale single-family homes in eligible urban municipalities.
HMFA has also provided below market-rate mortgages with no money down to qualified first-time buyers through its 100 Percent Mortgage program.
"We're grateful to the Mayor, the City Council and all of the agencies who helped make Procter Estates possible," noted Dean Mon of the D.R. Mon Group. "Through their vision and hard work, we were able to create new housing that will not only benefit its owners, but the entire city as well."
That sentiment was shared by Applied Development Vice President Greg Russo, who pointed out that developments like Procter Estates are vital steps in promoting a revitalization throughout all of Long Branch.
"As you know, we're also involved in the development of luxury for-sale and rental residences and 100,000 square feet of upscale retail space on the oceanfront," Mr. Russo pointed out.
"However, we're committed to sharing the city government's resolution
to creating quality housing beyond the oceanfront for residents of
all income levels.
Procter Estates is a vivid example of the public and private sectors
coming together to achieving that goal."
Procter Estates'48 homes were priced from $139,000 for 1,620 sq.-ft. duplex homes. Two- and three-bedroom condominiums were priced at $102,000 for 1,200 sq.-ft. residences and $93,000 for 1,000 sq.-ft. homes.
Equal Housing Opportunity