Sen. Jennifer Beck and Asbury Park Councilwoman Yvonne Clayton said that Renaissance Village, a 64 unit affordable housing project, would receive $7,870,000 from the third round of Community Development Block Grant funding. Additionally, the Boston Way Village complex, a 104 unit affordable housing project, will receive $12,348,745.
These are Sandy-related federal funds passed through the state of New Jersey under the Fund for Restoration of Multifamily Housing. This funding will allow these projects to move forward, an important step in the larger Springwood Avenue Redevelopment Area, of which both developments are within.
“Without these funds, needed projects like this one would not be able to move forward,” Beck said. “I worked closely with the Administration, DCA and the Councilwoman Yvonne Clayton to make sure a portion of these federal dollars came to Monmouth County as we continue to rebuild post-Sandy. I believe this project will spark further redevelopment in the greater Springwood Avenue area by providing housing and mixed-use space that does not currently exist along the Springwood Avenue corridor.”
Clayton said she has been advocating for the project in an effort to see it move forward.
“The southwest area of the city has long needed new investment and these projects will provide that,” she said. “ I thank Senator Beck for working with me to secure these funds and I look forward to the groundbreaking.”