The Federal Home Loan Bank of New York has awarded more than $1 million in Affordable Housing Program Funds to The Renaissance, a new mixed-income, mixed-use affordable housing community being developed in Asbury Park, NJ. Developed by Better Tomorrows, in partnership with The Michaels Organization and the city of Ashbury Park, The Renaissance is considered a critical step in the revitalization of the city’s Springwood Avenue corridor.
“We are proud to be the nonprofit sponsor of this very important project,” said Rebecca Tone, President and CEO of Better Tomorrows. “It will provide safe, stable, affordable homes for lower and moderate income families in a resurgent neighborhood. We are grateful to the Federal Home Loan Bank, and in particular M&T Bank, for investing in quality affordable housing and supportive services that will enable the families who live there to thrive.”
Located in a mixed-use area of residential and commercial properties, The Renaissance is very close to the local bus and train transportation hub that will provide easy access to jobs, schools, parks, and numerous restaurants and shopping establishments in the nearby downtown area. The Renaissance is also located within ½ mile of ocean beachfront, boardwalk, and the iconic Stone Pony.
The Renaissance will be comprised of 64 new apartment units, in a mix of mid-rise and townhouse style buildings. Apartments will be available in one-, two-, and three-bedroom layouts, all fully outfitted with ample living space, energy-efficient appliances and heating and cooling systems. The community also includes first floor commercial space for local businesses.
All 64 units will be affordable to households with incomes at or below 60% of the area median income, with priority given during the initial lease-up phase to individuals and families impacted or displaced by Hurricane Sandy.
Better Tomorrows, The Renaissance’s primary development sponsor, will provide a broad range of supportive services to the community’s residents focused on economic stability, healthy lifestyles and educational success. Better Tomorrows’ services will include youth after-school and summer enrichment programming, health and wellness programs, and other recreational and community-based activities.
The Affordable Housing Program funds offered by banks in the Federal Home Loan system were created to advance housing opportunity and local community development.
“M&T Bank is thrilled to sponsor the Federal Home Loan Bank of New York’s grants for organizations like Better Tomorrows and The Michaels Organization to help fund critically needed affordable housing projects like The Renaissance,” said Alle Ries, Community Reinvestment Officer for M&T Bank in New Jersey. “The bank has remained committed to New Jersey’s communities since entering the New Jersey market in 2015.”
In addition to the $1,024,000 received in AHP funding, financing for the $20.7 million Renaissance building includes $7.3 million in private equity raised through the sale of Federal Low Income Housing Tax Credits, which were allocated by the New Jersey Housing and Mortgage Finance Agency and syndicated by Riverside Capital. NJHMFA also provided $2.5 million for permanent and construction financing from its First Mortgage program, and $8.8 million in Community Development Block Grant Disaster Recovery Funds. The development also benefited from half a million dollars from the Monmouth county HOME fund.
Interstate Realty Management will serve as the property manager for The Renaissance, ensuring that the community remains a long-term asset to the neighborhood. The development team includes Michaels Development as master developer, the Co-developer, Kalee Development, KNTM Architects as the project’s architect, and Gary Gardner as the General Contractor. The environmental engineer is Lewis Consulting Group, PS&S is the civil engineer. Cherry Weber & Associates, is serving as geotechnical engineer and PT Consultants are the environmental consultants.