The Federal Home Loan Bank of New York recently awarded more than $1 million in Affordable Housing Program Funds to The Renaissance, a mixed-income, mixed-use affordable housing community being developed in Asbury Park.
Developed by Marlton-based nonprofit Better Tomorrows in partnership with The Michaels Organization and the city of Asbury Park, the project is considered a critical step in the revitalization of the city’s Springwood Avenue corridor.
The Renaissance will be comprised of 64 new apartment units in a mix of mid-rise and townhouse style buildings, along with ground floor commercial space for local businesses.
All 64 units will be affordable to households with incomes at or below 60 percent of the area median income, with priority given during the initial lease-up phase to individuals and families impacted or displaced by Hurricane Sandy.
In addition to more than $1 million in AHP funding, financing for the $20.7 million building includes $7.3 million in private equity raised through the sale of Federal Low Income Housing Tax Credits, which were allocated by the New Jersey Housing and Mortgage Finance Agency and syndicated by Riverside Capital.
NJHMFA also provided $2.5 million for permanent and construction financing from its First Mortgage program, along with $8.8 million in Community Development Block Grant Disaster Recovery Funds.
The development also benefited from half a million dollars from the Monmouth County HOME fund.
The project is slated for completion in 2019.