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Osprey Point at 250 Mehrhof Road in Little Ferry includes a combined 85 apartments for residents who are 55 and older and those with special needs. — Courtesy: New Jersey Housing and Mortgage Finance Agency
By Joshua Burd
Regan Development Corp. has opened a new 85-unit apartment building in Little Ferry that will provide affordable housing for seniors and residents with special needs.
Known as Osprey Point, the property at 250 Mehrhof Road includes 68 homes that are reserved for residents who are 55 and older, with a community center that will help seniors maintain an active and independent lifestyle, according to a news release. Another 22 units are dedicated to residents with special needs, 14 of which are tailored to individuals living with intellectual and developmental disabilities, while the remaining eight are supported apartments designed to cater to those in need of mental health services.
Officials from the New Jersey Housing and Mortgage Finance Agency, which played a major role in financing the project, were among those on hand recently to mark its completion.
“Osprey Point represents inclusivity and affordability, ensuring that Little Ferry seniors have an affordable and secure place to call home, as well as a state-of-the-art community space that brings all Little Ferry residents together,” said Melanie Walter, the agency’s executive director. “Affordable housing for seniors helps long-time residents and workers remain in their hometowns, which is critical to preserving a community’s roots while helping it grow and thrive. NJHMFA is committed to providing support to older New Jersey residents with limited or fixed incomes, enabling them to age comfortably in place while preserving their independence and dignity.”
NJHMFA financing for the project included $2.8 million from the Special Needs Housing Trust Fund and $1.7 million from the Affordable Housing Production Fund Set Aside, the news release said. The agency noted that unforeseen disruptions during the pandemic required it to grant hardship credits and provide additional assistance to ensure construction was able to begin in September 2021.
“For decades it’s been a dream. We wanted to give our senior population on a fixed income an affordable, safe, housing option,” Little Ferry Mayor Mauro Raguseo said. “We were thrilled to realize that dream and officially open the complex this week.
“This building is more than just a beautiful structure of bricks and mortar. For so many it represents hope and financial stability for the future. It means our seniors have an opportunity to stay in the community they love. It is a shining example of what can be accomplished if we have a vision and work together in a public-private partnership to get things done.”
According to HMFA, the three-story building provides residents with easy access to the surrounding parks, trails, gardens and outdoor seating. That includes Mehrhof Pond, which is adjacent to the property and is a known destination for birdwatchers.
Osprey Point is also a short drive from shops, grocery stores, restaurants and entertainment venues, the agency said. Meantime, the Meadowlands Racing and Entertainment Complex and MetLife Stadium are a five-minute drive from the property.
“Regan Development is proud to have partnered with the Borough of Little Ferry, the State of New Jersey and its HMFA, (Division of Developmental Disabilities and Division of Mental Health and Addiction Services, Department of Environmental Protection and New Jersey Sports & Exposition Authority) divisions as well as Bergen County, TD Bank and Berkadia to successfully provide 85 high-quality energy, efficient, senior and supportive housing units for Little Ferry residents,” said Larry Regan, president of Ardsley, New York-based Regan Development. “All public- and private-sector partners came together to overcome the challenges of Covid cost increases and spikes in interest rates to successfully bring the project to occupancy.”
For residents with special needs, Vantage Health System will provide social services and intensive on-site support to promote personal independence, life skills and integration into the community.
“Bright, safe, affordable housing is essential for our senior communities who deserve to live in comfort,” said Congressman Bill Pascrell (D-9). “We are in dire need of more quality, affordable senior housing in northern New Jersey. The construction of these apartments supported by federal tax credits will create valuable housing options for seniors and those with special needs in Little Ferry. Every time we open buildings like Osprey Point, we can help improve the lives of more of our neighbors — that’s a good thing.”
Bergen County Executive Jim Tedesco added: “Osprey Point embodies our shared commitment to inclusivity and affordability, providing a secure and affordable home for Bergen County seniors, with direct access to essential amenities. This development is a testament to the power of partnerships and the impact we can achieve when we work together to address the housing needs of our senior and vulnerable populations, ensuring they can maintain their independence and dignity while enjoying their golden years in the community they love.”
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