The Renaissance at Asbury Park, a new development of 64 apartments affordable to working families and retail space in the Springwood Avenue neighborhood, celebrated its grand opening as a key part of the area’s continued redevelopment.
The $20.2 million development, financed in part by Superstorm Sandy recovery funds provided by NJHMFA and the Department of Community Affairs (DCA), includes 32 apartments in a four-story building and four townhouse buildings each containing eight apartments. The development is targeted to households earning less than 60 percent of the area median income. Five apartments are providing homes for homeless individuals and families, with a preference for homeless veterans.
“This beautiful new seaside apartment complex is aptly named Renaissance because it serves as a catalyst for reviving a once thriving part of Asbury Park,” said Lt. Gov. Sheila Oliver, who also serves as DCA Commissioner and chair of the NJHMFA board. “Bringing the needed housing, services, retail stores and people back to this neighborhood will be beneficial for the entire community. The Murphy Administration, DCA, and NJHMFA are once again proud to be partners in the ongoing revitalization efforts at the shore.”
Apartments are nearly fully occupied. The development also includes about 1,200 square feet of retail space, which is not yet rented.
NJHMFA provided $10.5 million in construction and permanent loan financing, as well as $8.9 million in federal Community Development Block Grant Disaster Recovery assistance through the Fund for Restoration of Multifamily Housing (FRM). The FRM program, created following Superstorm Sandy, provides for-profit and nonprofit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by the storm.
The Renaissance project also was awarded federal four percent Low Income Housing Tax Credits, which generated $7.4 million in private equity.