Thursday, June 26, 2008

By KEN THORBOURNE
JOURNAL STAFF WRITER

The two-story warehouse at the corner of Bergen and Virginia avenues in Jersey City used to house toy trains.

Now renovated with a third floor and courtyard added, it's housing real families at an affordable price.

"This is 46 units of residential affordable rentals," Jersey City Mayor Jerramiah Healy said yesterday, joined by state Department of Community Affairs Commissioner Joseph V. Doria Jr. and other officials, at a ribbon-cutting ceremony for the Toy Factory Apartments. "It's a great deal."

Nearly three years in the making, the Toy Factory Apartments were developed by JP Affordable Housing of Jersey City. The project is owned by Jersey City Community Housing Corp., a nonprofit headed up by former NBA player and current school board member Terry Dehere.

One-bedroom apartments at the complex rent for $555 a month, plus utilities; two-bedrooms for $668; and three-bedrooms for $765. They all feature high ceilings, plenty of light, hardwood floors, large closets, new kitchens and baths. Some even have patios.

Since the $9.7 million development was mostly financed by a state tax credit program, it is only available to those making 50 percent or less of the area's median income.

In Hudson County, the median income is $24,350 for a single person, $27,800 for a couple and $31,300 for a family of three.

The development sits next to 11 single-family homes JP Affordable finished last year. Eight of these homes sold for $139,900, while three sold for $119,000, said Eugene O'Connell, JP Affordable's principal.

"It's difficult to find affordable housing in the inner city," said Kendra Law, a 21-year-old college student, as she showed off the two-bedroom apartment she and her 3-year-old son, Kymir, are about to move into.