From the Jersey Journal:
Corzine trumpets commitment to affordable housing
Gov. Jon Corzine dropped in on West New York to help break ground for two new affordable housing developments, which include 70 homes for seniors.
“We have a real need to provide affordable housing,” Corzine said at the Nov. 3 groundbreaking.
His administration hopes to create 100,000 affordable housing units over the next decade. His vision for providing the housing rests on public and private partnerships, he said.
“There is a tremendous amount of private capital that we need to draw in for the affordable housing issue as we go forward,” said Corzine. “We can make a difference with people’s lives if we are focused.”
One of the projects is a $18.5 million development at 564 52nd St. that will deliver 70 condos, 63 of which will be affordable, according to officials.
The second project, Kennedy Tower II, at 438 62nd St. is a $22 million project that will provide 70 one-bedroom affordable apartments for seniors. Five of the units will be for the visually impaired, according to officials.
At the 52nd Street site, 63 of the homes will range from one to three bedroom units, for low and medium income residents, according to officials. The remaining seven units will be sold at market rate.
From the Star Ledger:
Developer to show Parsippany housing plan
A developer who scrapped a controversial proposal in Parsip pany for a $100 million “town center” with offices, shops and homes is returning with a plan for 126 units of age-restricted housing.
Waterview Developers, which has a contract to purchase 26 acres across Route 46 from the police department, is scheduled to outline the project before the township council at its Nov. 28 meeting.
…
“We think this property lends it self to an upscale, active adult community,” he said, adding that units will be priced at about $500,000 to $600,000.
The proposal compares to the former plan’s 116 townhouses and condominiums located behind six other buildings in which 120 apartments were to be built above retail units.
From the Jersey Journal:
Bayonne Harbor redevelopment gets rolling
The Peninsula at Bayonne Harbor “mini-city” is one step closer to reality, after the Bayonne Planning Board unanimously approved a preliminary site plan for the first of six developments planned for the former Military Ocean Terminal.
The developer of the first project – a 12-acre mini-community called Harbor Station North – now must return to the Planning Board in January to seek final approval. In the meantime, developers and municipal authorities will work together to iron out some final details.
Comprising 447 units that will house between 1,000 and 1,500 residents, Harbor Station North will have a mixture of condominiums and townhouses as well as parking, green spaces, and 10,000 square feet of neighborhood retail.
Developers believe the site’s location – the peninsula’s northwest corner, near Route 440 and the 45th Street Light Rail Station – will be a key drawing point.
Bayonne Harbor is kind of like Harrison
Corzine’s 100K affordable houses was a campaign promise and it really looks like one he intends to deliver on. He’s made very serious policy efforts and has put money behind his talk.
Keep in mind, he is saying “create and preserve” and preserve plays a big role and should end up being cheaper than create.
Unfortunately, the decline in the housing market, even by 30 or 40% wouldn’t be enough to make non-subsidized housing affordable to many people in the northern part of the state. A decline like that south of Trenton/Toms River would be a different storty.
‘One of the projects is a $18.5 million development at 564 52nd St. that will deliver 70 condos, 63 of which will be affordable, according to officials.”
18.5 million divided by 70 units equals a cost of 264K each! So ‘that’ is affordable?
“The second project, Kennedy Tower II, at 438 62nd St. is a $22 million project that will provide 70 one-bedroom affordable apartments for seniors.”
22 million / 70 ONE-BEDROOM apartments equals $314,000 each.
I see, so a one bedroom apartment is considered affordable if it costs $314,000. In monthly costs, that’s probably around $2000/month. So by this logic a one-bedroom apartment in NJ is affordable if it costs $2000/month. Who exactly determines what ‘affordable’ is?