Downtown deal unsticks Heights affordable housing project

[MCA]

Council clears way for 'Summit Heights' housing
by Ken Thorbourne
Thursday March 13, 2008, 7:53 PM

The Jersey City City Council adopted several resolutions Wednesday enabling a plan to build a 45-unit affordable housing development in the Heights to move forward.

The project, known as Summit Heights, is to be built on Summit Avenue between Hague Street and Secaucus Road.

One resolution unanimously adopted Wednesday allows the city to accept a $2.5 million contribution toward the project from New Gold Equities, the developer in the Powerhouse Arts District. This money is part of a legal settlement between the city and New Gold.

The other resolutions either allocated government money to the project or put the builder, West Paterson-based City Lines Properties, in a position to apply for low-interest government funding.

The total cost of the project is $16.5 million, said Robert Richardi, a development partner, of which $1 million is coming from the city's affordable housing trust fund and $1 million from federal HOME funds the city has to distribute.

The developers expect to corral another $2.9 million in low-interest loans from the state, along with the $2.5 million contribution from New Gold.

All the units will be two-bedrooms and will sell for between $60,000 and $250,000, the developers said.

Five of the units are for low-income families, 10 for moderate-income families, and 30 for so-called "emerging market" families. These are persons who can earn up to 120 percent of the city's median income. In Jersey City, emerging market buyers can earn up to $89,000 a year for a family of four.

The builders said they hope to break ground in the winter.

[MCA]

Heights affordable housing project on city council agenda tomorrow
by Ken Thorbourne
Tuesday March 11, 2008, 7:55 PM

The Jersey City City Council plans to vote tomorrow on several resolutions dealing with Summit Heights, a 45-unit affordable housing project made possible in large part by a $2.5 million contribution from the developer of the Powerhouse Arts District.

The contribution from New Gold Equities was negotiated last year in a settlement agreement between the city and the developer.

To be located on Summit Avenue between Hague Street and Secaucus Road, the four-story development is to consist of 45 two-bedroom units, with retail on the ground level.

The resolutions deal with investing city money into the project, going after state funding and officially accepting the developer's contribution.

The units will sell for between $60,000 and $250,000, representatives of West Paterson-based City Line Properties, the builder of the project, told City Council members at their caucus meeting Monday.

Five of the units will be for low-income families, 10 for moderate income families and 30 for so-called "emerging market" families. These are persons who earn up to 120 percent of the city's median income. In Jersey City, emerging market buyers can earn up to roughly $89,000 a year for a family of four.

This project is also dipping into significant public funds. Jersey City is pumping in $1 million from its affordable housing trust fund and the developers hope to snag another $2.9 million in low-interest mortgage money from the state.

Tomorrow's meeting is scheduled for 6 p.m. at the Frank R. Conwell Middle School 4, 107 Bright St.

[MCA]

Downtown deal unsticks Heights plan: officials
Saturday, February 02, 2008

A cash donation from high-end developers will help build an affordable housing project in Jersey City Heights that has languished for years.

A 45-unit residential complex at Summit Avenue at Hague Street received the go-ahead from the Jersey City Planning Board Tuesday when it was announced that big-bucks builders in the Powerhouse Arts District - BLDG Management and Athena Group - would contribute $2.5 million to the project.

"This will enable us to go forward with the first true affordable housing development in the Heights, other than senior citizen housing," said Robert Antonicello, executive director of the Jersey City Redevelopment Agency. "The project has become stuck in mud because of land costs and other overheads." The project will also receive funds from the federal and state governments and Jersey City's Affordable Housing Trust Fund, Antonicello said.

The 45 two-bedroom development will have retail space on the ground floor and 47 parking spaces. Robert Richardi of the Franklin Development Group said it is hoped construction of "Summit Heights" can start toward the end of the year. The project will be built to meet "LEED Silver" environmental standards, which rates a building according to its energy and resource efficiency.

CHARLES HACK