Developers have started construction on a project in Edison that will create 120 units for low- and moderate-income tenants and homeless, state officials said.
Known as Kilmer Homes, the $37 million project broke ground Monday with the help of $10 million in federal grants dedicated to post-Hurricane Sandy reconstruction, the state Housing and Mortgage Finance Agency said in a news release. The HMFA also provided some $14.4 million in financing and awarded the developers federal Low Income Housing Tax Credits that generated more than $17.5 million in private equity.
The development team is a partnership of the Alpert Group LLC, Edison Affordable Housing Inc., Monarch Housing Associates Inc. and Triple C Housing, the news release said. The complex will sit at the corner of Truman Road and Road 2 near the Catholic Charities Ozanam Shelter and Middlesex County Vocational and Technical School’s Piscataway campus.
HMFA estimates that the project will generate about $58.6 million in one-time economic output and create about 350 full-time jobs during construction, the agency said. Upon completion, it will provide a projected $6.5 million in ongoing economic output and an estimated 37 full-time jobs annually.
The units will be available to those earning less than 60 percent of the area median income, and 30 of them will be set aside for homeless individuals and households, the news release said. During the first three months of leasing, priority will be given to individuals who registered for Federal Emergency Management Agency assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage.
ALSO ON NJBIZ: