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Mayor John Moor and Councilwoman Yvonne Clayton announced Thursday afternoon funding has been approved for the Boston Way and Michaels Organization housing projects located in the Springwood Avenue Redevelopment zone, west of Memorial Drive.

“This is great a day for Asbury Park,” Moor said in a telephone interview. “I am so happy. These are two great projects that will do so much for everyone in the city.”

The projects’ funding come from the New Jersey Housing and Mortgage Finance Agency [HMFA] via its third round Superstorm Sandy aid. Created by Congress in 2013, its Fund for Restoration of Multifamily Housing [FRM] aims to construct affordable-multifamily housing via developer subsidies in the nine Jersey Shore counties most affected by the October 2012 storm.

Moor said the total funding for the two development projects is $19.7 million.

“This is game changing,” said Councilwoman Yvonne Clayton. “This means investment in the west side, which has never been the same since the civil unrest 40 years ago.”

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

“These projects are important for many reasons,” Moor said. “It starts revitalization of the zone.”

The Michaels Organization Project:

The estimated $7.8 million Renaissance Village [shown at right and above] has Planning Board approval and is shovel ready, Moor said. 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 community and computer room, management offices and a health suite on the first floor.

The Boston Way Project:

The Jersey City-based Metro Company and Fort Lee-based Alpert Group heads the design and rebuild of the Asbury Park Housing Authority’s four-acre land, vacated in 2014. The former 123-unit complex will be redesigned into a four building, mixed use, affordable home site that will include mixed income-based, public housing, and Section 8 units.

“The Asbury Park Housing Authority has a lot of momentum now,” said Executive Director Tyrone Garrett. “Boston Way is a big piece to this puzzle.”

Coupled with the recent $500,000 Choice Neighborhoods Planning Grant from HUD, “we are moving full speed ahead on the west side of town.”

The grant will target the neighboring Lincoln Village through a combined effort by the newly formed REIA group, Garrett said.

“Now we are going to be a force and play a major role in redeveloping the west side of town,” Garrett said.

The planning grant will help address health care initiatives, affordable housing and workforce development, Clayton said.

“Through working with the Housing Authority and other stakeholders like Interfaith Neighbors, we will see a benefit to the entire city and the school system,” Clayton said. “These are uniquely positive things.”

Clayton said the funding could not of been possible without the support and guidance from state Sen. Jennifer Beck, a Republican from Monmouth County.

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