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A setback to the long-awaited west side’s revitalization came last month when the New Jersey Housing and Mortgage Finance Agency [HMFA] announced its second round of Superstorm Sandy aid.

Missing from the list was the 64-unit Renaissance Village project, an affordable housing project by the Michael’s Organization, based in Marlton.

“We are all heartbroken,” Mayor John Moor said. “We wanted this project to go through as quick as possible.”

Moor said the project, originally earmarked to begin this fall, would have sparked the needed revitalization of the Springwood Avenue Redevelopment area.

Created by Congress in 2013, the Fund for Restoration of Multifamily Housing [FRM] aims to construct affordable-multifamily housing by providing developer subsidies in the nine Jersey Shore counties most affected by the October 2012 storm.

Michael’s Vice President Ginger Dawson said although the project cannot move forward without the funding, the organization remains committed to bringing the development into fruition.

“We are extremely disappointed,” Dawson said. “We were just below the cut off line. We are looking for other sources of funding but the Sandy aid is our best bet. ”

Dawson said the project remains in line for the third and final funding round, due to be announced before year’s end.

“We are cautiously optimistic we will get funded in the next round,” Dawson said. “At this point it’s a waiting game.”

The FRM program’s first two rounds allocated close to $360 million for affordable homes.

The estimated $7.8 million Renaissance Village project [shown at right and above] was approved by the city’s Planning Board in October 2014. The 64 residential units are planned for the vacant lots between Memorial Drive and Atkins Avenue. Phase one includes four 32-unit townhomes and a four-story, 32-unit multi-family building with retail space and a multipurpose and computer room, management offices and a health suite on the first floor.

Once a thriving area of commerce and nightlife, the Springwood Avenue Redevelopment area was destroyed during the October 1970 riots.

“This project is important for many reasons,” Moor said. “It starts redevelopment on Springwood Avenue and revitalization of the zone.”

Moor said that while the city will pay for soil remediation, the municipality stands to gross $10,000 per unit under a land sale agreement with the developer.

“It’s a small set back because there are people still looking for affordable housing,” Moor said. “The [estimated] $500,000 the city would net could go into funding other Springwood Avenue projects or those in other neighborhoods.”

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