Jersey City NewsMarch 14, 2008
The Jersey City City Council adopted several resolutions Wednesday enabling a plan to build a 45-unit affordable housing development in the Heights to move forward.
The project, known as Summit Heights, is to be built on Summit Avenue between Hague Street and Secaucus Road.
One resolution unanimously adopted Wednesday allows the city to accept a $2.5 million contribution toward the project from New Gold Equities, the developer in the Powerhouse Arts District. This money is part of a legal settlement between the city and New Gold.
The other resolutions either allocate government money to the project or put the builder, West Paterson-based City Lines Properties, in a position to apply for low-interest government funding.
The total cost of the project is $16.5 million, said Robert Richardi, a development partner, of which $1 million is coming from the city's affordable housing trust fund and $1 million from federal HOME funds the city has to distribute.
The developers expect to corral another $2.9 million in low-interest loans from the state, along with the $2.5 million contribution from New Gold.
All the units will be two-bedrooms and will sell for between $60,000 and $250,000, the developers said.
Five of the units are for low-income families, 10 for moderate-income families, and 30 for so-called "emerging market" families. These are persons who can earn up to 120 percent of the city's median income. In Jersey City, emerging market buyers can earn up to $89,000 a year for a family of four.
The builders said they hope to break ground in the winter.