Officials held a ribbon-cutting ceremony Monday at Horizon Heights, a new 52-unit housing development for special needs and working families that is split in half by the Union City/West New York border at the corner of 49th Street and Broadway.
Residents moved in this past June after the towns received between 14,000-15,000 inquiries, according to Larry Regan, president of Regan Development. 1,400 remain on the wait list.
Residents were chosen on a first-come, first-serve basis. They were screened for income requirements, and credit and landlord tenant history.
The $18.7 million development emerged from the collaboration of Regan Development with the N.J. Housing Mortgage Finance Agency, the N.J. Dept. of Community Affairs, and the Hudson County Division of Housing and Community Development.
“The collective objective is to put together more affordable housing in the future.” –Tony Marchetta
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“Building affordable housing in Hudson County is not an easy task, but we have had a star-studded team make that happen,” Regan said.
Fulfilling a great need
Rents for the eight one-bedroom apartments run from $602 to $685 per month. The 28 2-bedroom units cost between $332 and $815, and the 16 3-bedrooms cost residents between $374 and $932 each month.
Some apartments were specifically for tenants at or below 30 percent of area median income, and some of the units went to tenants at or below 60 percent.
Fourteen of the units were for people with special needs.
“In reality, many of the [special needs] residents are on a fixed income – usually Social Security disability income – and therefore qualified easily,” Vice President of Regan Development Ken Regan said.
The NJHMFA funded $1.4 million in special needs trust dollars and $1.723 million in annual tax credits for the development. The HMFA also provided a $688,000 permanent loan. In addition, the HCDHCD funded $42 million in Federal Home Loan dollars to help maintain affordable rent levels.
Mayor Felix Roque welcomed the audience to West New York, and then, moving slightly to his left, he welcomed them to Union City.
In reference to the two towns’ heavy need for affordable housing, Roque said, “I know we have less to do more with than most, but we have to do more with less.”
“It takes a lot of work to put something like this together,” said U.S. Rep Albio Sires. He stated that while funding for similar projects has been cut in Washington, legislators are working to keep the funding coming.
Tony Marchetta of the NJHMFA spoke of the “tremendous need,” particularly in Hudson County, for more units like Horizon Heights. “The collective objective,” he said, “is to put together more affordable housing in the future.”
Gennarose Pope may be reached at gpope@hudsonreporter.com