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