SPECIAL FINANCING PROJECTS

Rockoff Hall Student Housing Project – Working with New Brunswick Development Corporation (DEVCO), the MCIA issued over $54 million in revenue bonds for the development of a student housing complex in downtown New Brunswick. In addition to housing university students, the facility also contains retail space, laundry facilities, study areas, an outdoor plaza and parking.

South Plainfield Senior Citizens’ Housing Project – In 2002, residents moved into the 100-unit Morris Avenue building that was constructed as affordable housing.  The MCIA issued a $6 million bond to cover that portion of the project’s $13 million cost.  Guaranteed by the Borough of South Plainfield, the bond was utilized in addition to grants from the Borough, the New Jersey Dept. of Community Affairs, the Federal Home Loan Bank of New York and Middlesex County.  The project was also eligible for a 4% low-income housing tax credit.  Lutheran Social Ministries, a nonprofit agency, oversees leasing and property management.

Woodbridge Community Center – Residents of Woodbridge Township are enjoying a 110,000 square-foot recreation facility on Main St. that was financed by the MCIA through the issuance of a $16 million note.  Features include an ice rink, roller rink, pool, gymnasium as well as a lounge, meeting and party rooms.

Middlesex County Administration Building Rental Housing Project – A 2001 bond issue for $8.8 million helped fund a portion of the rehabilitation and renovation costs of ten floors which were part of the former county administration building.  The building houses 70 rental apartments, 14 of which are rented as affordable housing and 56 of which will be rented at market rates.  Fannie Mae provided a credit enhancement for the repayment of the mortgage loan, with loan payments securing the bonds. 

Youth Detention Center The MCIA financed the construction of the new, 100-bed Youth Detention Center in North Brunswick, which opened in 1999, to replace an older, overcrowded building. Middlesex County owns and operates the facility. Somerset County, in exchange for a guaranteed number of beds for their own juveniles, agreed to pay a portion of the construction and operating costs and part of the debt service on the bond.

Middlesex County Educational Services Commission
Raritan Valley Academy, Middlesex County’s special school for neurologically and emotionally impaired children, was built with the help of a $9 million, county-guaranteed MCIA bond. The Piscataway school, which opened in 1996, accommodates 150 children from school systems throughout the County. The lower interest rated guaranteed by the County’s AAA bond rating saved taxpayers more than $400,000 in financing costs.

North Brunswick Senior Housing In its first partnership with a non-profit group, the MCIA issued $8.3 million in bonds to help finance the North Brunswick Housing Corporation’s low and moderate income senior citizens housing project on Hermann Road. The 150-unit apartment complex opened in 1998. Other parts of the financing package created by the North Brunswick Housing Corporation included tax credits from the New Jersey Housing and Mortgage Finance Agency, a grant from Middlesex County Public Housing and a tax abatement by the Township of North Brunswick.