Jersey City gets affordable with Summit Ave. Homes.

Jersey City Mayor Jerramiah T. Healy, New Jersey Housing Mortgage Finance Agency (NJHMFA) Executive Director Marge Della Vecchia and other state and local officials joined two New Jersey developers recently to celebrate the completion of new affordable housing in this Hudson County city.

Summit Avenue Homes, a collection of 26 residences for moderate income home buyers, is located on scattered sites within Jersey City's Lafayette section, according to the developer, Summit Avenue Homes, LLC, a joint venture of Applied Development Company of Hoboken and D.R. Mon Group, Inc. of Shrewsbury.

Prices range from $137,900 for two-bedroom floorplans, and from $159,900 for three-bedroom designs. The New Jersey Housing Mortgage and Finance Agency (NJ HMFA) is offering up to 100% financing to qualified purchasers through its Home Buyers Program. In addition, buyers may be eligible for downpayment and closing cost assistance through the HMFA's Smart Start Program.

"As an immigrant in this country, I know the importance of the 'American Dream,' said Dean Mon of the D.R. Mon Group, which served as the development's General Manager. "We're thrilled to be involved in a program that will allow 26 families to experience that dream."

The homes, available for immediate occupancy, are restricted to moderate income buyers, as per guidelines set forth by the Council on Affordable Housing (COAH).

"This is a great example of how government can work with private entities to get projects like this done for the betterment of our citizens," noted Mayor Healy.

Added New Jersey Housing Mortgage Finance Agency (NJHMFA) Executive Director Marge Della Vecchia, "What we do is not just about sticks and bricks, but about providing homes that people can truly afford. Good housing, homeownership opportunity for local residents that is convenient to work, family and friends is important to the future, safety and stability of this neighborhood."

Summit Avenue Homes features eight two-bedroom floorplans with approximately 1,100 s/f of living space and 16 three-bedroom designs with approximately 1,500 s/f. Found throughout the homes are eat-in kitchens with refrigerators and dishwashers, spacious living rooms, wall-to-wall carpeting, central air conditioning, and individual storage space.