The Affordable Housing Alliance has successfully financed and developed over 380 units throughout Monmouth County with total development costs over $28 million. It maintains a rental portfolio of 362 units in 15 developments and has successfully worked with several municipalities to develop a low impact rental option to their affordable housing plans. The Alliance "helps with housing."
- Acquisition and new construction of four single amily homes
- Worked with STARS a community revitalization grass roots non-profit agency
- Financing included $285,000 HOME, $5,000 in equity and $100,000 bank funds
- Presently working on the new construction of 9 houses through an Neighborhood Stabilization Program grant
Pine Tree Manufactured Home Park, Eatontown
- 130-unit manufactured home park in a precedent-setting acquisition
- Funding from the CFED Foundation, Chase and the Borden Foundation is being used to examine the threat to this form of housing throughout the state
Administrative Office, Eatontown
- Purchased older building for use as office building
- Completed $15,000 in renovations through donated labor and materials
- Upgraded to provide handicap access
- Subleased building to one other nonprofit agency
11 White Street, Eatontown
- The purchase and management of an office building housing agency staff
The Monmouth Highlands Apartments, Highlands
- Purchased from Resolution Trust Corporation (RTC)
- Renovated all units, converted from electric heat to gas, rebuilt foundation and walkway
- 16 units rental housing to low and very low-income tenants
- Serves those earning between 35% and 50% of median income
- $105,000 HOME grant for renovations
- $150,000 private grant for renovations
Miller Street, Highlands
- 5-unit project was financed with $480,000 from HMFA and private social services equity funding
Eastepoint, Atlantic Highlands
- Renovated condo that was acquired as a donation from RTC
- Resold property to local resident
Grandview Apartments, Keansburg
- 131 units of rental housing to very low income individuals and families
- Fully occupied at time of acquisition/developed relocation and rehabilitation plan for entire complex
- $8.5 million LIHPRA grant received/$4.5 million dedicated to renovations
- $300,000 County HOME grant
- Created Ownership Corporation with a 60% tenant membership
- Helped to establish and maintain viable tenant association
Viking House, Keansburg
- Acquisition and total renovation of an existing boarding home. 19 SRO units.
- Acquired with a portion of $551,000 Neighborhood Preservation funds through the DCA and the HFMA. Renovation was accomplished with HMFA funds of $533,875. The units serve very low and low income individuals.
- Acquisition and renovation of four single family homes in Long Branch. Worked with WEB Dubois a subsidiary of the NAACP of Long Branch, a non-profit agency to help develop and expand their affordable housing development experience within the county. Valley National Bank provided the construction financing. Sales proceeds from the units covered the cost.
- Total development cost - $490,000.
Laurels at Long Branch
- Development of six units of single family townhouses for sale
- New Construction including formation of condo association
- $140,000 in New Jersey Housing and Mortgage Finance Agency (HMFA) subsidies, $600,000 in construction loan
Beacon Place Condominium Apartments, Middletown
- 28 units in three buildings comprising 4 one bedroom, 8 three bedroom and 16 two bedroom apartments
- Acquisition funded by $1,460,000 loan from Amboy Bank, a short term loan of $100,600 from the DCA and a short term loan of $50,000 from the Community Loan fund (CLF)
- The short term loans were replaced with an Affordable Housing Subsidy of $152,124 from the Federal Home Loan Bank (FHLB)
Park Road Apartments, Middletown
- Purchase of 6 townhomes using HUD funding and private financing as a partnership between Manna House and the Alliance.
- Working with families exiting transitional housing and former homeless individuals
- Project developed as a partnership with a private contractor seeking to meet his affordable housing obligation
Millstone House, Millstone Township
- 11-unit rooming house is part of the townships affordable housing plan
- Funding included nearly $400,000 from County Home, $600,000 from State Home and $110,000 from the FHLB
Novad Court, Millstone
- A single family home owned developed in partnership with Millstone Township
- Provides affordable housing to a low-income family
- Acquisition and renovation of 1bedroom condominium
- Purchased and renovated unit with County HOME grant for $57,500
- Property rented to low income household
Bangs Avenue, Neptune
- Single family acquisition with private financing.
6th Avenue, Neptune
- Acquisition and renovation of a single family home in Neptune to serve as a single family group living facility for aging out youth
- The group home is leased to Catholic Charities, who will provide resident managers and social services to the residents
- Project financed with funds from HMFA and DCA.
Carver Inn, Neptune Township
- The acquisition, demolition and reconstruction of an old hotel into 14 age restricted units for low and moderate income residents
- Funding was provided by HOME, FHLB, DCA and bank financing
Oceanport Manor Apartments, Oceanport
- 6 apartment units consisting of 2 two bedroom units and 4 one bedroom units
- Created A three bedroom unit from a one bedroom unit, add a laundry room for the use of the tenants, and improve handicap accessibility to the building
- The Initial funding sources were a $252,000 loan from Sovereign Bank and a short term loan of $50,000 from the Borden Foundation
- Additional funding for the renovation and alterations is being provided by Monmouth County HOME ($80,000) and an Affordable Housing Subsidy of $75,000 from the FHLB.
- Acquisition and renovation of two single family homes in Red Bank.
- Working in concert with Houses of Hope
- One home was sold to a homeowner
- The other home is being rented to a low income family