Housing Authority Plans To Turn Old Gregory School Into Senior Affordable Housing

The Long Branch Housing Authority is looking to change something old into something new in the city.

The LBHA is planning to convert the old Gregory School building at the corner of Seventh and Joline Avenues to senior affordable housing.

The Gregory School has been vacant for years and a new one was constructed on Monmouth Avenue in 2007.

The proposes project qualifies for a tax abatement under the Long Term Tax Exemption Law. The authority will make payments in lieu of taxes status for the project after the Long Branch Council approved an ordinance allowing this to occur last week.

"It offsets the tax and would be to pay for the parcel of land and what you put on it," LBHA Executive Director Tyrone Garrett said this week.

The authority's first payment in lieu of taxes would be $32,286 and payments would span 30 years, with a final amount of $57,335.

The LBHA will also apply fax credit financing through the Housing and Mortgage Finance Agency (HMFA).

"The majority of the project will be covered by the funding," Garrett said.

The authority must submit its application for funding to the HMFA by Sept. 2, Garrett explained. He said the project could begin 12-18 months after the funding is approved.

The project has two phases, and the first would cost between $15-16 million, according to Garrett. 

The first phase would include the construction of 65 one and two-bedroom units located in the school building and a new four-story structure that would be built near the school.

The units would be available to those whose incomes are at or below 60 percent of the area's median income.

The second phase of the project would include the addition of 47 housing units as well a mixed-use building.

"It could be a small retail or office space to support the community," Garrett said.