OCEAN TOWNSHIP, NJ – The Affordable Housing Alliance in partnership with the Alpert Group and Ocean Township announce that construction has begun on a 48 unit affordable rental development on Cindy Lane in Ocean Township.
This project consists of 2 and 3 bedroom apartments with a community room. The rents will be affordable to households with incomes up to 60% of the area median income. Of the 48 apartments, five will be set-aside for households with special needs.
The Affordable Housing Alliance is a Monmouth County based nonprofit organization with a track record of more than 26 years providing affordable housing and related services to low and moderate income households. The Alpert Group is a real estate developer with more than 50 years of developing affordable rental properties in New Jersey and New York.
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The Cindy Lane development is being financed with $4,190,000 in private equity raised thru the sale of Federal Low Income Housing Tax Credits, which are administered by the New Jersey Housing and Mortgage Finance Agency and syndicated by Enterprise Community Investment, Inc. The development also received $8,099,204 in funding from the State of New Jersey under the Community Development Block Grant Disaster Recovery Funds.
Applications will be available in the summer 2018 and the development is expected to be completed and occupied in the fall 2018.