The acquisition expands HVPG's substantial footprint in the state of New Jersey, where the firm currently owns and operates 27 properties, and will preserve an additional 170 units of affordable housing. Through HVPG's Community Enhancement Program, residents will benefit from significant upgrades and enhanced safety measures. The project reflects HVPG's broader mission to safeguard affordability and elevate neighborhood assets in ways that strengthen communities and improve quality of life for residents. Resident services programming will be provided and informed by direct survey feedback from residents themselves with focus on access to education and other resources to best serve the Asbury Gardens community.
"We're excited to expand our presence in New Jersey and build on our commitment to delivering essential improvements and supportive services to our residents and communities," said Jason Bordainick, co-founder and managing partner of HVPG. "We look forward to working closely with the City of Asbury Park, the state of New Jersey and HUD to protect the city's supply of quality, affordable housing amid rising demand."
HVPG is planning ~$7.6 million in renovations at Asbury Gardens that will prioritize building modernization, high-end security, energy efficient and water saving upgrades and resident quality of life improvements. Enhancements will include updated in-unit kitchen and bathroom amenities, 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.
To ensure long-term affordability for its residents, HVPG has 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.
The City of Asbury supported this preservation endeavor with a new 35-year PILOT agreement (payment in lieu of taxes). The project is being financed through a combination of equity from HVPG's preservation fund and a Freddie Mac loan provided by KeyBank. This project is representative of a $45 million direct investment (total project costs) into preserving and elevating quality affordable housing for low-income families within the community.
About Hudson Valley Property Group (HVPG)
Hudson Valley Property Group (HVPG) seeks to preserve and elevate the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties aim to deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 17,531 units across more than 94 properties. For more information, visit: https://hudsonvalleypropertygroup.com/
Contact:
Zoey Gottlieb
Prosek Partners for Hudson Valley Property Group
[email protected]
SOURCE Hudson Valley Property Group
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