Ground broken at NJ homes site

Real Estate Weekly, Nov 17, 2004

State and local officials joined developers in Jersey City, NJ recently to help break ground on 26 units of affordable housing for moderate income home buyers.

Summit Avenue Homes will be located on scattered sites within Jersey City's Lafayette section, according to the developers, a joint venture of Applied Development Company of Hoboken and D.R. Mon Group, Inc. of Shrewsbury.

"We're delighted to stand on this empty piece of land today which we will soon turn into the first of 26 beautiful new homes," said Dean Mort of the D.R. Mon Group, which will serve as the development's General Manager.

"As an immigrant in this country, I know the importance of the 'American Dream,' and we're thrilled to be involved in a program that will allow 26 families to experience that dream."

The Housing Mortgage and Finance Agency (HMFA) will offer 100% financing to qualified home buyers through its Home Buyers Program. In addition, no downpayment is required, and certain closing costs may be financed.

The units are restricted to moderate income buyers, as per guidelines set forth by the Council on Affordable Housing (COAH).

"This is a great program that HMFA offers which allows us to provide quality housing for well-deserving families," added David Barry, President of Applied Development Company.

"While there's a tremendous amount of development taking place along the waterfront, much of it we're involved with, we believe projects like this one are critical to cities.

New Jersey Housing and Mortgage Finance Agency Executive Director Marge Della Vecchia added that the success of affordable housing projects often comes down to an effective partnership.

"It's easy to make money and mortgages available," she stated. "The hard part is sticking with the process through its completion."