Property Listings

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."

 

 

Asbury Park

  • 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

 

 

Eatontown

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

 

 

Highlands

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

 

 

Keansburg

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.

 

 

Long Branch

  • 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

 

 

Middletown

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

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

 

 

Monmouth Beach

  • Acquisition and renovation of 1bedroom condominium
  • Purchased and renovated unit with County HOME grant for $57,500
  • Property rented to low income household

 

 

Neptune

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

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. 

 

 

Red Bank

  • 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

© 2014 Affordable Housing Alliance|59 Broad St. Eatontown, NJ 07724 Phone: 732-389-2958

94 Broad St., Eatontown, NJ 07724|20 Gibson Place, Suite 200 , Freehold NJ 07728|1828 West Lake Ave., Neptune NJ 07753



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