PROJECT SUMMARY:
Asbury Gardens is a two-building multifamily property located at 120 Monmouth Avenue and 1100 Atlantic Avenue in Asbury Park, New Jersey. This acquisition rehab endeavor marks HVPG’s 28th affordable housing preservation project in the state of New Jersey.
FINANCING AND SUBSIDY:
The project is financed through a combination of equity from HVPG’s preservation fund and a Freddie Mac loan provided by KeyBank.
To ensure long-term affordability for its residents, HVPG secured a new HUD project-based Section 8 HAP contract, which means nearly all residents will pay no more than 30% of their annual income on rent. The property is further restricted to lease to residents earning no more than 60% of Area Median Income (AMI). As a result of this acquisition, this level of affordability will be preserved for an additional 27 years. Furthermore, the City of Asbury supported this preservation endeavor with a new 35-year PILOT agreement (payment in lieu of taxes).
RESULTS:
- A ~$45M investment (total project costs) into Asbury Park’s affordable housing supply
- Long-term affordability preserved for decades to come with a new project-based Section 8 HAP Contract and PILOT Agreement
- Unit and common areas upgrades prioritizing water saving and sustainability measures, enhanced site security and renovated tenant common areas prioritizing improved resident quality of life
- No displacement of residents
SCOPE OF WORK:
HVPG planned a ~$7.6 million renovation scope of work at Asbury Gardens that prioritizes building modernization, high-end security, energy efficient and water saving upgrades and resident quality of life improvements.
Enhancements will include updated in-unit kitchens and bathrooms, upgrades to property common areas including a new business center, new roofing and complimentary high-speed Wi-Fi for residents.
The scope of work will also include playground, site lighting, and landscaping upgrades, electrical vehicle charging stations, and an urban farm developed in partnership with Kula Urban Farms, a local neighborhood institution.
(Photos are renderings of the property post-renovation, courtesy of Opisina Halili.)
