Ocean County senior citizens don't have to go far to find affordable housing right by the beach as a new complex of apartments have opened up in Seaside Heights.

Cornerstone at Seaside Heights is a community of new apartments for residents age 55 and older that celebrated its grand opening this week with the New Jersey Housing and Mortgage Finance Agency and The Walters Group.

The complex was built in part with Superstorm Sandy recovery funding and other financing from NJHMFA.

Cornerstone at Seaside Heights, which cost $24.4-million to develop, features 91 one- and two-bedroom apartments for residents earning up to 60 percent of the area median income, including five for residents with special needs.

The apartments are located at the intersection of Hamilton Avenue and Bay Boulevard, the gateway of Seaside Heights across from Barnegat Bay.

The redevelopment project continues rebuilding efforts in parts of the community following 2012’s devastating Superstorm Sandy.

NJHMFA provided $12.9-million in construction financing as well as $15.5-million in federal Community Development Block Grant - Disaster Recovery assistance through the Fund for Restoration of Multifamily Housing (FRM).

The FRM program, created following Superstorm Sandy, provides for-profit and nonprofit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by the storm.

Since 2012, 18 projects with nearly 1,200 affordable apartments have been created in Ocean County.

NJHMFA also awarded The Walters Group 4% Low Income Housing Tax Credits, which generated $6.9 million in private equity.

“Cornerstone at Seaside Heights provides quality, affordable homes for senior residents that are convenient to recreation, shopping and transportation, NJHMFA Executive Director Charles A. Richman said. “We are very proud of our efforts to help rebuild in the years since Superstorm Sandy hit our state, particularly to help address the demand for affordable housing only exacerbated by the storm. At the same time, the development helps fulfill our mission to provide affordable, supportive homes in the community for residents with special needs.”

The four-story building was constructed with wind- and impact-resistant materials, and also includes a washer/dryer in each apartment, residents’ clubhouse with fitness center, computer workstations and roof deck.

Rents range from $505.00 to $1,250.00 for residents with incomes up to $61,380.00 depending on household size.

Residents began moving in last month.

Cornerstone at Seaside Heights is adjacent to Routes 35 and 37, close to the Garden State Parkway, public bus transportation, the local beach and boardwalk, Island Beach State Park, retail and dining establishments, and medical facilities.
Sandy recovery funding

To date, 76 projects have included FRM funding to create nearly 6,050 rental housing opportunities, 90 percent of which are affordable to low- and moderate-income households.

During the first 90 days of lease up in any project that has received FRM funding, priority for residency will be given to individuals who were displaced by or experienced major storm damage from Sandy.

Cornerstone at Seaside Heights is also participating in NJHMFA’s Services for Independent Living program, which works to enhance the quality of life for residents living in Agency-financed senior housing developments.

Rental information is available at www.wgapts.com.

This is the sixth Cornerstone development by the Walters Group that NJHMFA has helped finance.

Other affordable developments include Cornerstone at Stafford, Cornerstone at Toms River, Cornerstone at Lacey and Lacey II, and Cornerstone at Barnegat.

The Walters Group, located in Barnegat, develops and manages affordable and market-rate apartment communities.

For more information on NJHMFA and its programs, visit njhousing.gov.

More Jersey Shore News: