JERSEY CITY — Anyone interested in entering the lottery for the 80 affordable units at the new apartment complex on Marin Boulevard has until Friday to apply.

The 17-story building at 485 Marin Blvd., across the street from the Newport mall, includes a total of 397 apartments, 20 percent of which are required to be set aside for the next 10 years as housing for people with moderate incomes.

It is the second building to open in Jersey City with an 80/20 split of market-rate and affordable units. The first, VYV, is located two blocks south in the Metro Plaza shopping center. Both projects received state and city subsidies in exchange for the affordable units.

Mayor Steve Fulop has argued that the tax breaks were an integral part of keeping Downtown Jersey City affordable for residents of modest means. A third tower with 5 percent affordable units is planned for Columbus Drive.

KRE Group, the developer behind 485 Marin, is listing the monthly rents for affordable units at $1,318 for studios, $1,412 for one-bedroom apartments, $1,695 for two bedrooms and $1,958 for three bedrooms. Rents for the market-rate apartments are as low as $2,450 for a studio and $5,975 for three bedrooms.

To be eligible for the affordable units, your household must make between 50 percent and 80 percent of the county's annual median income. The eligible income range for a single person is between $32,950 and $52,750, for a two-family household it's $37,650 to $60,250 and for four people, $47,050 and $75,300.

Kevin Walsh, executive director of advocacy group Fair Share Housing Center, said restricting the 485 Marin affordable units to people who make no more than 80 percent of the county's AMI excludes too many residents of Jersey City. Walsh said the rents should be lower considering the project received a city tax abatement and $40 million in state tax credits.



"There are plenty of inclusionary zoning programs throughout North Jersey in which there are affordable homes built as part of the construction, without public subsidies," he said. "So the fact that they got public subsidies here only increases what their obligation should be."

The 485 Marin rents are 19 to 33 percent higher than the "good faith estimate" of rents submitted to the council in 2015 when the project's 20-year tax break was approved. Then, the rents were estimated to range from $990 and $1,643. Spokeswomen for the city and for KRE Group declined to comment on the change.

When VYV announced the rents of its affordable units last year, they were also higher than the initial estimates. The developer of that tower, Forest City, pledged to lower the rents to the previously announced amounts.

The deadline for the affordable housing lottery at 485 Marin is July 27 at 5 p.m. To apply, email affordable@marinjc.com for more information. The application fee is $75 (if you win the lottery). All parties will be notified after Aug. 3.

Terrence T. McDonald may be reached at tmcdonald@jjournal.com. Follow him on Twitter @terrencemcd. Find The Jersey Journal on Facebook.