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State HMFA provided over $2.1 million in financing

Horizon Heights, 52 affordable apartments, opened on Broadway in Union City and West New York on Monday.

The newly constructed housing includes 14 apartments for individuals with developmental disabilities and other special needs. All the apartments are affordable to households at or below 60 percent of the area’s median income. The developer, Regan Development Corp. of Ardsley, N.Y., utilized green building technologies by participating in both the federal Energy Star Home Program and the state Green Homes Program. Stores and public transportation are all within walking distance of the property.

The state Housing Mortgage Finance Agency provided $700,000 in permanent financing from the Multifamily Rental Housing Program and $1.4 million through the Special Needs Housing Trust Fund. Additionally, the HMFA as administrator of the federal Low Income Housing Tax Credit provided an allocation of credits that generated $12 million in private equity. Hudson County also funded $4.3 million in Federal Home Loan dollars to reduce the rents to affordable levels.

“We are extremely proud to have partnered on a project that provides affordable housing for working families and special needs residents of the Hudson County community,” HMFA Director Anthony L. Marchetta said. “Creating quality affordable housing options for all segments of the population requires partnerships between the communities, developers, and local, state and federal government entities.”

“The successful completion of Horizon Heights demonstrates how the State of New Jersey can collaborate with municipalities and private developers to provide affordable housing for residents,” state Community Affairs Commissioner Lori Grifa said. “I am pleased the HMFA was able to contribute to this project, which would not have been realized without the hard work, persistence and commitment of the entire development team.”

—TOM HESTER SR., NEWJERSEYNEWSROOM.COM