News By Tag
* West New York
* Affordable Housing
* New Construction
* Urban Living
* Energy Star
* More Tags...
News By Place
Jaclyn Heights – New Affordable Housing in West New York, NJ
D.R. Mon Group hosted a groundbreaking ceremony on February 24, 2012 for its newest affordable urban housing community – Jaclyn Heights at West New York located at the corner of Jefferson Street and 59th Street in West New York, NJ.
The first phase of this community consists of two buildings with fifty-five Affordable and Emerging Market homes. The first building, The Jefferson (fifteen units) is projected to be ready for occupancy in June 2012. The second building, The Washington (forty units) is scheduled to be completed by the end of 2012. Each building will include elevator access, a mail room and assigned parking for its residents. All units include an open floor plan in the living area, large walk-in closet in the master bedroom, and numerous other exceptional amenities.
Affordable Housing Units range in price from $83,000 for a one bedroom condominium to $181,000 for a two bedroom unit. Prospective buyers must meet the Council on Affordable Housing (COAH) maximum income limits and household size to qualify. Interested parties must submit an Affordable Housing Application by March 10, 2012.
Emerging Market Units are also available to buyers that qualify for a mortgage. These homes start at $182,000 for a one bedroom, $232,000 for a two bedroom, and $288,000 for a three bedroom home.
“The first 55 units of this 155 condominium community are allocated to the Choices in Home Ownership Incentives Created for Everyone (CHOICE) Program,” stated Dean Mon, President and CEO of D.R. Mon Group, Inc. “The rest of the units are priced to attract buyers that make up the area’s workforce. D.R. Mon Group is committed to providing high-quality affordable homes to New Jersey residents. This has been our mission for nearly fifteen years when we first recognized the need for affordable housing in the urban areas.”
Jaclyn Heights is LEED for homes certified, as well as Energy Star and the National Association of Home Builders (NAHB) Green certified. It is one of the few condominium communities in New Jersey that meets the standards for all three certifications. Homeowners benefit from reduced energy costs and clean air while contributing to sustainability. In addition, Jaclyn Heights qualifies for West New York’s Five-year Real Estate Tax Abatement, allowing homeowners to save money on taxes.
Jaclyn Heights offers residents Classic Urban Living. It is strategically located across the Hudson River from Manhattan. Residents can walk to the Light Rail Station to access the Hudson River Waterfront and ferries to New York City. Shopping, dining and other amenities are within walking distance, as well as schools, daycare centers and churches. Located within an Urban Enterprise Zone, residents of Jaclyn Heights will also benefit from its 3.5% local sales tax rate, making living and dining locally even more affordable.
The community is being constructed on the site of a factory owned and operated by Jaclyn Inc.; a company which was well-known for helping the Cuban immigrant community find work in North Jersey in the early 1960s. “We thought it was appropriate to name the development Jaclyn Heights after Jaclyn Inc,” stated Mon. Mayor Roque added, “My parents came to West New York from Cuba in 1967. My mother worked at Jaclyn Inc. This development is important to me, as well as the town. It gives us the opportunity to provide residents with an affordable, high-quality home. Jaclyn Heights will bring ratables to West New York, as well as jobs.”
Jaclyn Heights is uniquely positioned to provide much needed new housing to the workforce population of North Hudson County. The community is part of the CHOICE program through NJHMFA. CHOICE is the Agency’s financing program for the development of newly constructed and substantially rehabilitated homeownership housing in New Jersey. Amboy Bank provided a $9.8MM construction loan in participation with the funds from NJHMFA. CHOICE also provides favorable financing options for eligible homebuyers.
More information on Jaclyn Heights at West New York is available at www.mongroupnj.com or by calling 732-241-9342. The sales office is located at 5815 Jefferson Street, West New York, NJ 07093.
# # #
Dean R. Mon, President/CEO founded D.R. Mon Group in 1985. He turned the focus of the company to affordable housing in 1995 when he realized that New Jersey did not provide its typical resident with acceptable housing options. Since then, D.R. Mon Group has built many affordable housing communities throughout the state. Most recently, the company completed construction on 52nd Street Homes, a seventy-unit development also located in West New York, NJ. More information is available on www.mongroupnj.com.