Public officials joined The Alpert Group and the Affordable Housing Alliance on April 11 to mark the opening of Cindy Lane Apartments, a new 48-unit affordable housing community in Ocean Township. — Courtesy: New Jersey Housing and Mortgage Finance Agency
By Joshua Burd
A development team has completed nearly 50 new apartments in Ocean Township as part of the state’s ongoing effort to bring new affordable housing to areas impacted by Hurricane Sandy.
The organizations, The Alpert Group and the Affordable Housing Alliance, joined public officials last week to mark the opening of Cindy Lane Apartments. Located west of Route 35, the $14.8 million project has transformed what had been vacant land into a pair of three-story buildings with 48 units, five of which are reserved for homeless individuals and families.
The New Jersey Housing and Mortgage Finance Agency led the public financing effort, which included an $8.1 million loan under a federal program for areas impacted by the 2012 storm.
“In the aftermath of Superstorm Sandy, it was important that the rebuilding effort in hard hit areas such as Monmouth County include much needed affordable housing for residents,” said Lt. Gov. Sheila Oliver, who also serves as commissioner of the Department of Community Affairs and the HMFA’s board chair. “For this reason, the Murphy Administration was proud to include disaster recovery dollars to help complete this great project, which will provide our working families a place to call home.”
HMFA issued the $8.1 million loan under the Fund for Restoration of Multifamily Housing, which assists affordable projects in the nine counties most impacted by the storm. The agency also awarded the project 4 percent Low Income Housing Tax Credits, which generated $4.2 million in private equity, and $7.6 million in construction and permanent financing.
The property welcomed its first residents in February, offering proximity to NJ Transit bus service, employers and retail such as Monmouth Mall and Monmouth University, the HMFA said.
“This development is an investment in families who will become part of the community and help it grow,” said Charles A. Richman, the HMFA’s executive director. “Affordable housing is also important to the community’s economic vitality and helps meet the diverse needs of all families as we build a stronger and fairer New Jersey.”
As with other projects that are helped by the Sandy recovery program, Cindy Lane Apartments will offer priority during the first 90 days of lease-up to individuals who were displaced by or experienced major property damage from the storm. The new units serve residents with up to 80 percent of the area median income, offering a mix of one-, two- and three-bedroom layouts.
The Alpert Group, based in Fort Lee, is a family-owned, full-service real estate management and development company, HMFA said. The Affordable Housing Alliance is a community-based nonprofit providing housing and services in Monmouth, Ocean and Middlesex counties.