Finance housing jersey mortgage new

State, county and local officials joined developers recently to break ground on a new affordable rental community for seniors in the scenic Middlesex county township of Old Bridge.

The $13 million, 100-unit development is rising at the corner of Route 18 and Ferry Road. The community, called Maher Manor in honor of former township councilman Jack Maher, is being developed in joint venture with Pennrose Properties, Inc. and the Old Bridge Housing and Redevelopment Agency.

The four-story mid-rise building will feature 91 one-bedroom apartments and nine two-bedroom layouts, as well as a host of common amenities.

Funding is being provided in part by the Department of Community Affairs (DCA), the New Jersey Housing Mortgage Finance Agency (NJHMFA) and Middlesex county, which put up $380,000 through its Affordable Senior Housing Fund.

"We began planning this initiative five years ago to help meet the critical need for affordable senior housing in the area," said MaryAnn Gurliaccio, Chairwoman of the Housing and Redevelopment Agency.

"With many of our seniors living on fixed incomes and housing costs reaching astronomical proportions, this community will afford our seniors the opportunity to enjoy a quality, independent living environment at incredibly affordable costs."

The Redevelopment Agency chose the 15-acre site specifically for its proximity to the expanding Old Bridge Medical Center, allowing residents to access quality care services independently. The new community is also close to retail venues and public transportation, helping seniors to maintain an independent lifestyle.

Old Bridge Mayor Jim Phillips said naming an affordable community for seniors after former councilman Maher was certainly appropriate, considering how concerned he was with helping people.

"This community will positively impact the lives of 100 or so residents who will now be able to remain in Old Bridge near family and friends," Mayor Phillips pointed out.

"It certainly reminds me of Jack who was always concerned about what he could do for individuals."

In addition to a convenient location, residents of Maher Manor will also enjoy a number of common amenities, including a library, a media lounge, a fitness room, a community room, a computer room, a tenant-run store, two elevators and a card reader security system. Each floor will also have a laundry facility and all of the apartments will feature central air conditioning.

Monthly rents for the new apartments will be approximately $513 for the one-bedroom units and $657 for the two-bedrooms.

"The state-wide need for affordable housing is well known," said Tim Henkel, Development Officer for Permrose Properties, which has developed more than 5,000 affordable housing units.

"It is important that we recognize the specific need to provide seniors with local housing options. We are grateful to agencies like the DCA, NJHMFA and the Redevelopment Agency for helping to make projects like Maher Manor a reality. We're delighted to work alongside them on this exciting new opportunity for the well-deserving Old Bridge senior community."