New age-restricted, affordable housing project coming to Jersey City

By Joshua Burd
June 17, 2014 at 12:03 PM

Construction is underway on a $12 million project that will add 44 affordable, age-restricted units to Jersey City's housing stock, state officials said.

The complex being built by Cara Development Inc. will replenish the supply of affordable rental units that were destroyed or damaged by Hurricane Sandy in 2012, according to the New Jersey Housing and Mortgage Finance Agency. The project, known as Ocean Green Senior Apartments, has been awarded about $2.9 million in federal Sandy recovery funds.

Meantime, the HMFA is providing about $1.6 million in grants and financing, the agency said in a news release. The project also was awarded Low Income Housing Tax Credits, allowing it to generate an expected $8.2 million in private equity.

HMFA estimates that the project will generate about $19.4 million in one-time economic output and create 117 full-time jobs during construction, the news release said. Upon completion, it’s projected to require 12 full-time positions.

The complex will occupy a stretch of Ocean Avenue between Virginia Avenue and Forrest Street, the HMFA said. Eleven of the units will be set aside for individuals with special needs.

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Joshua Burd

Josh Burd covers real estate, economic development and sports and entertainment. Before joining NJBIZ in 2011, he spent four years as a metro reporter in Central Jersey. His email is joshb@njbiz.com and he is @JoshBurdNJ on Twitter.