Developer: McCormack Baron & Associates, Inc.Type: New Construction
Number of Units: 124 Townhouse Units
Finances: HOPE VI Program (United States Department of Housing
and Urban Development) and
Low Income Housing Tax Credits.
Lafayette Village Consists of 77 Public Housing units.
The Lafayette Village Manager's Office is located at
579 Grand Street, Jersey City
The JCHA was awarded a $32 million grant under the Department of Housing and Urban
Development's HOPE VI Program for the revitalization of Curries Woods and the creation
of a new mixed-income, mixed-finance community, specifically, Lafayette Village.
consists of 124 two, three and four bedroom townhouses (including 77 public housing
townhouses which are also eligible for low income housing tax credits, and an additional
24 townhouses eligible only for low income housing tax credits, and 23 market townhouses
with no income restrictions).
The overall objectives of our
community reflect those of the HOPE VI Program, specifically to create vibrant,
diverse, lower density working communities which are reflective of and complementary
to surrounding, stable neighborhoods.
THE MIXED-FINANCE APPROACH
was developed under a "mixed finance" approach which allows the JCHA to leverage
its public housing funds with non-public housing funds to develop additional units
that would not otherwise have been developed. More specifically, the JCHA
Public Housing Development Funds and portion of the HOPE VI funds ($9.7 million)
can develop 77 public housing townhouses. These public housing funds leveraged
an additional $9.7 million for an additional 47 townhouses, from the following multiple
funding sources: $5.8 million from Low Income Housing Tax Credits, $1.9 million
from the New Jersey Housing and Mortgage Finance Agency, $1 million from the City
of Jersey City, and $1 million from the New Jersey Balanced Housing Program.
These leveraged resources were facilitated through a partnership with our private
Developer Partner, McCormack Baron and Associates, Inc. who brings essential experience
in developing and managing assisted market-rate housing, as well as access to new
sources of capital funds.
HOUSING AUTHORITY ROLE
In addition to providing HOPE VI funds and public housing development funds to
, the JCHA responsibilities include selection of the Developer Partner, general
oversight, liaison with third parties (including City and State) and administering
the ongoing operating subsidy for the public housing units at
THE DEVELOPER PARTNER
Pursuant to the HUD approved Request for Qualification process, the JCHA selected
McCormack Baron and Associates, Inc. as its Developer Partner for
. As the Developer Partner, McCormack Baron's responsibilities include contracting
for design services and other third party professional services (legal, accounting,
surveyor), developing a feasible financial plan and identifying and securing additional
funding sources, selection of the general contractor, construction oversight and
monitoring and post construction activities, including marketing, occupancy and
In order to secure additional funding sources, specifically the federal low-income
housing tax credits (LIHTC) administered by the New Jersey Housing and Mortgage
Finance Agency, Lafayette Village must be privately owned. To accomplish this,
the JCHA created a Not-for-Profit Corporation, Lafayette Village Inc. McCormack
Baron then formed the Lafayette Community Limited Partnership, who will own Lafayette
Village which includes the following entities (and their prorated ownership share):
Special Limited Partner: Lafayette Village, Inc., a not-for-profit affiliate
of the JCHA (.01%)
Managing General Partner: MBA Urban Development Co., (a for-profit affiliate of
McCormack Baron) (1.99%)
Limited Partner: SunAmerica Housing Fund 761,
purchaser of the LIHTC (98%)
The JCHA leases the land (on
which Lafayette Village is constructed) under a long term Ground Lease (55 years).
Ownership to Lafayette Village will revert back to the JCHA after the lease term.
Back to Top
is privately managed under a contractual agreement with McCormack Baron Management
Services, Inc. The 77 public housing units are managed in accordance with
HUD requirements, including monitoring requirements and federal low income housing
tax credit requirements administered by the Internal Revenue Services.
Initial public housing applicants were selected by McCormack Baron Management
Services, Inc. utilizing a site-based waiting list that will be developed and thereafter
maintained specifically for
. Applicants will be selected by date of application and pursuant to Local
Preferences and priorities as follows:
Within these preferences, priority will be given to applicants as follows:
- Neighborhood residents that are displaced by JCHA
revitalization activities (e.g. prospective HOPE VI Program and Section 504 accessibility