By Joshua Burd
A developer and state officials have marked the completion of an age-restricted, 75-unit affordable housing property in Freehold Township.
PIRHL Developers LLC joined the New Jersey Housing and Mortgage Finance Agency on Thursday to officially open Wemrock Senior Living, a four-story complex on the south side of Business Route 33. The project, the developer’s first in Monmouth County, features one- and two-bedroom homes reserved for residents 55 and older who earn up to 60 percent of the area median income.
The building also includes five apartments for formerly homeless residents and five set aside for individuals with disabilities, aged 18 years or older coming out of nursing homes to be placed in permanent supportive housing.
“Developments like Wemrock Senior Living expand housing opportunities affordable to seniors living on limited incomes and enables them to remain in the community,” said Charles A. Richman, the HMFA’s executive director. “In addition, it will provide homes for families and individuals with special needs to enable them to live independently in the community, which has been a key part of our mission.”
HMFA awarded the developer 4 percent Low Income Housing Tax Credits, which generated $5.3 million in private equity, according to a news release. The agency also provided nearly $12.5 million in construction and permanent financing, of which $500,000 came from its Special Needs Housing Trust Fund and $375,000 through its Money Follows the Person Housing Partnership Program, which provides subsidy to nonprofit and for-profit developers to set aside apartments for qualified individuals transitioning from nursing facilities to community settings.
The $18.8 million project, which is also PIHRL’s first senior housing development in New Jersey, is near the Freehold Raceway Mall, recreational areas, transportation, medical facilities and other offerings on the Route 9 corridor. Residents may use the Monmouth County SCAT, which provides on-demand senior transportation services throughout the county.
The first residents moved into their new apartments in early January, the news release said. Rents for the one-bedroom apartments range from $322 to $1,090 and from $1,079 to $1,309 for the two-bedroom units.
The complex also includes a fitness center, laundry rooms, community room, tech lounge, a community garden and several roof decks, HFMA said. The Mental Health Association of Monmouth County will offer services in support of the formerly homeless residents such as needs assessments, referrals to treatment services and crisis intervention.
In addition, CentraState Healthcare System’s Mobile Health Awareness Van will provide health screenings and educational programming to advance resident health and encourage healthy lifestyles. Navicore Solutions, a national nonprofit in the field of personal financial counseling, will also hold on-site seminars on topics such as budgeting, identity theft and scams and credit reporting.