Jersey City gets more than $3 million in private-sector grants for three affordable housing projects.
The funding, which comes from the Federal Home Loan Bank of New York and Citibank North America, will support 245 units of affordable housing at Montgomery Family Phase I, Glennview Townhouses Phase II and the Catherine Todd Senior Living Center.
“Affordable housing has been an essential part of my administration’s vision for a growing Jersey City since day one,” said Mayor Steven Fulop. “That’s why we created, for the first time, a clear set of policies guiding and incentivizing affordable housing, which is how we’ve been able to dramatically increase affordable housing development and preservation under our administration.”
Both the Catherine Todd Senior Living Center and the Montgomery Family Phase I are at the site of the former Montgomery Gardens Public Housing complex, where what once was several high-rise public housing buildings is under CHOICE transformation to a mixed-income community, following the national model for affordable and public housing developments.
“These awards will bridge gaps in three affordable housing developments where once stood Jersey City Public Housing Authority’s vertical concentrations of social isolation,” said Marvin Walton, executive director of the Jersey City Housing Authority. “We are grateful to the Federal Home Loan Bank of New York for these awards as well as our partnership with the Michael Development Company for these housing developments.”
The grant totals $3,193,000 and includes $1,575,000 for Montgomery Family Phase I, a mixed-income development with 121 units of affordable housing, $768,000 for Glennview Townhouses Phase II, with 56 units of affordable housing and $850,000 for Catherine Todd Senior Living Center, a senior housing project with 68 units of affordable housing units for senior citizens.
Nearly 10,000 units in Jersey City are currently under construction and another 16,000 approved. Jersey City now leads the state in the number of new affordable units.