Beacon Place Apartments
- 28 units in three buildings comprising 4 one bedrooms, 8 three-bedrooms, and 16 two-bedroom apartments.
- Income-restricted rentals within a ‘for-sale’ condominium community.
- The acquisition was funded by a $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).
| Location: | Middletown |
| Year Developed: |
2000 |
| Available Residences: |
28 Units – 1, 2, and 3-Bedroom Apartments |
| Home Type: | Family Living |
| Funding Sources: | Amboy National Bank and Federal Home Loan Bank |
Middletown, New Jersey
Park Road Apartments
- Purchase of 6 townhomes in the Port Monmouth section of Middletown using HUD funding and private financing as a partnership between the Mental Health Association and the AHA.
- Building restricted to families experiencing a temporary loss of housing.
- Project developed as a partnership with a private contractor seeking to meet his affordable housing obligations.
- Funded through HUD Funding for Acquisition, McKinney Grant, and Valley National Bank Private Financing.