Construction is underway on a $21 million multifamily project in Toms River, with plans calling for 72 apartments that will cater to renters impacted by Hurricane Sandy and those with special needs.
Developer Project Freedom Inc., a nonprofit organization, joined financing partners and public officials Wednesday to officially break ground on what will be dubbed Freedom Village at Toms River, according to a news release from the New Jersey Housing and Mortgage Finance Agency. The affordable housing project is slated to be complete by October 2015, resulting in about 200 jobs during construction and 22 full-time jobs.
As a development in one of the nine counties most impacted by Hurricane Sandy, the project is receiving $5 million in federal disaster recovery funding, the news release said. HMFA also is providing $3.6 million in construction and permanent financing, along with federal Low Income Housing Tax Credits that will generate about $11.8 million in private equity.
During the first three months of lease-up of Freedom Village, priority will be given to Sandy-impacted individuals who registered for federal assistance or whose home was no longer habitable because of Sandy damage, the news release said. Also, 18 of the units will be set aside for individuals with special needs.
Project Freedom will provide a social service coordinator to facilitate supportive services to individuals with special needs and families.
“Freedom Village at Toms River will long serve Ocean County as a social and economic asset,” HMFA Executive Director Anthony Marchetta said in a prepared statement. “We are thrilled to provide the capital financing that will enable the development of this project, which will provide families and individuals, including those with special needs, accessibility to high-quality housing that is affordable.”
Funding sources for the project also include the Federal Home Loan Bank, Toms River Affordable Housing Trust Funds and a deferred developer fee.
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