Green Living is Affordable in Jersey City Webb Apartment Complex (cont.)

The project is centrally located in Jersey City, two blocks from the Hudson-Bergen Light Rail station, which provides access to downtown Jersey City, Newport Center Mall, Exchange Place and Hoboken, where connections can be made to PATH trains to Lower Manhattan.  Adjacent to the light rail station is a newly constructed 85,000 square foot shopping center that includes a supermarket, post office, bank branch and other ancillary businesses. 
 
HMFA Executive Director Della Vecchia celebrated the grand opening, along with other dignitaries and local residents.  HMFA and DCA provided $10.3 million of the financing for this project, including equity generated from the sale of federal Low Income housing Tax Credits, HMFA Green Home Funds, DCA Home Express funds, and Multi-Family Housing Revenue Bonds. Of the $10.3 million, $7.8 million was from the Low Income Housing Tax Credit Program. The Low Income Housing Tax Credit program is administered by HMFA and is instrumental in providing the much needed funding for the development of affordable homes throughout the State.