Housing Choice Vouchers Provide
Homes for Low-Income Seniors
The 171 studio and one-bedroom low-income units at Pinewood Hall Apartments in Roselle, New Jersey are being refinanced and renovated in order to continue to be able to offer housing to low-income residents. The building’s tenants are low-income seniors who earn less than 50% of the area median income (AMI.)
Partners in this project include Coughlin Management Group and the Roselle Senior Citizens Housing Corporation (RSCHC.) Monarch Housing Associates is the development consultant for RSCHC and worked in partnership with Coughlin Management. The project has strong community support
“The RAD conversion will allow all units to have a project-based Section 8 voucher.”
Said Sharon Levy, associate at Monarch Housing Associates.
Using the U.S. Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program, Section 8 (Housing Choice) vouchers are being project based to 125 of the apartments (with the other 45 units already using existing Section 8 vouchers.)
“The purpose of refinancing is to ‘obtain project-based rent subsidies to keep the project affordable to low-income seniors, stabilize property operations and generate sufficient operating income to facilitate the renovations.”
Said Sharon Levy.
The Pinewood Hall project involves the preservation and rehabilitation of a 171-unit five story apartment complex which is home to low-income seniors. The property is located in Roselle, New Jersey.
The Roselle Senior Citizens Housing Corporation, a 501c (3) nonprofit organization, is the project developer and will be the 100% project owner. The nonprofit has successfully operated Pinewood Hall since it opened in 1974. The nonprofit currently leases the project site from the Borough of Roselle.
Originally constructed in 1974, the property provided much needed affordable housing where local seniors may age in place. Now, as the original subsidies come to a close, the property must be refinanced and rehabilitated in order to preserve a high-quality affordable place for seniors to reside in the community.
The Pinewood Hall project consists of 60 studio apartments and 110 one bedroom apartments. There is one two-bedroom superintendent’s unit. Project amenities include a sitting area, community room with adjacent kitchenette, a business center, library, and a common laundry facility.
Outside, the property has a picnic/barbeque patio area and parking. The proposed project renovations include upgrading tenant bathrooms, replacing windows, improving accessibility, and repaving the parking lot.
Workshops are held onsite that provide residents with job training programs, employment opportunities, and educational services. Additional programs provide financial education and onsite case management. Roselle Senior Citizens Corporation arranges private transportation services for the tenants so that they are able to get to and from places of employment.
Primary health care services are available to residents at no cost and vaccinations and screenings covered by Medicare will also be available on site. Residents additionally participate in management opportunities through the on-site tenant’s association.
Financing for the Pinewood Hall Apartments includes:
- $8.2 million in HUD-insured FHA 223 (f) mortgage from Bellwether Enterprise
- $943,100 subsidy from the Federal Home Loan Bank of New York’s Affordable Housing Program, sponsored by RSI Bank of Rahway, NJ
- Project-based Section 8 vouchers for 125 additional units under a new HAP contract
- 35-year payment in lieu of taxes (PILOT) agreement with the Borough of Roselle
Click here to read the full article in the Novogradic Journal of Tax Credits.