The Place at Manalapan Receives Commitment For AHPFSA

The Place at Manalapan receives close to 8 million dollars from NJHMFA for affordable housing project

The Place at Manalapan, an affordable housing community being built by Community Investment Strategies Inc. (CIS), received close to 8 million dollars from the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) Affordable Housing Production Funds Set Aside Program (AHPFSA) to help subsidize 100% municipal sponsored affordable housing project in Manalapan. This project is a component of the town’s fair share settlement.

The Place at Manalapan is a new construction 102-unit development in Manalapan, Monmouth County, and will be located on US Highway Route 33.

The community will include nine one-bedroom units at an average of 721 sq. ft., 63 two-bedroom units at an average of 1037 sq. ft., and 30 three-bedroom units at an average of 1366 sq. ft.

The proposed net rents for the one-bedroom (9) units range from $420 to $1,327, two-bedroom (62) units range from $505 to $1,593, and three-bedroom (30) units that range from $584 to $1,842 depending on the target population's income range.

The in-unit amenities include Energy Star-rated appliances to help build on-site sustainability and keep tenants' costs affordable.

A community building will be available for residents that includes a multipurpose room with a kitchenette, a maintenance facility, a manager's office, and a playground for children. There will be about 206 planned parking spaces and close retail, offices and residential neighborhoods nearby.

In addition, Triple C Housing, Inc. (Triple C), a community housing development organization (CHDO), will provide supportive services such as financial literacy and educational/employment enhancement.

The total cost of The Place at Manalapan, is $32,650.000 with Citizen Bank, N.A. providing the construction loan for the development and RBC Capital Markets as the tax credit investor.