Real Estate Weekly
Image default
Banking and Finance Deals & Dealmakers

Hoboken to collect $12M flood money

Five Hoboken public housing complexes damaged in Superstorm Sandy will receive $12.8 million in financing from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to continue repairs and make the buildings more resilient against future storms.

The buildings are owned by the Hoboken Housing Authority (HHA) and provide over 1,150 affordable apartments for families and seniors.

“It is imperative as we move forward with housing rehabilitation efforts in the aftermath of Superstorm Sandy that we focus our efforts on not only improving the quality, but making homes less prone to flood damage in the future,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs (DCA) and board chair to NJHFMA.

“These much-needed repairs will help improve the quality of life for thousands of Hoboken residents, and builds on our Administration’s goal of creating a stronger and fairer New Jersey for everyone.”

All work is expected to begin in December and be completed by June 2021.

All the projects will receive funding through NJHMFA’s Fund for Restoration of Multifamily Housing – Public Housing Authority Set-Aside Program, which provides resources for repairs to damaged public housing units, damaged federally-owned housing units and damaged U.S. Department of Housing and Urban Development multifamily housing.

Hoboken suffered extensive damage during Superstorm Sandy. Flooding at all five properties reached several feet high, and buildings suffered extensive damage to elevators, roofs and exterior brick from water and wind.

The Hoboken Housing Authority has been able to address many of these repairs but as of now, the authority has fully used its resources to complete the initial repair work.

The $12.8 million in financing approved at NJHMFA’s September 26 board meeting for the five sites will supplement remaining repairs needed to help restore the buildings.

(Visited 1 times, 1 visits today)

Related posts

WX New York Women Executives in Real Estate

REW

WHO’S NEWS

REW

LEASES ABS Partners arranges 10-year, 3,700-s/f retail lease at 228 East 58th Street

REW