Home > Media Room > HMFA in the News > News 2013 > Christie Administration Marks Grand Opening of GG Green Senior Residences in Woodbury
|For Immediate Release:||Contact:|
|December 20, 2013||Tammori Petty
Sean L. Conner
Christie Administration Marks Grand Opening of GG Green Senior Residences in Woodbury
WOODBURY, N.J. – The New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined City of Woodbury Mayor William J. Volk, elected state officials, and RPM Development Group to celebrate the grand opening of GG Green Senior Residences, a 55-unit senior rental community in the City of Woodbury, Gloucester County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the redevelopment project federal Low Income Housing Tax Credits (LIHTC) that generated approximately $11.3 million in private equity. RPM Development Group, the developer for the project, has a history of adaptive reuse of historic structures with a goal to provide quality housing while aiming to improve neighborhoods.
The project, which cost approximately $13.5 million to develop, will not only provide affordable housing opportunities for New Jersey families, but also have a positive economic impact on the greater Gloucester County community. HMFA estimates that the project will generate approximately $21.4 million in one-time economic output and created approximately 128 full-time jobs during construction. Now completed, the project will continue to add value to the community by providing more than $2.3 million in ongoing economic output and 13.5 full time jobs annually. Other funding sources for the development of GG Green included the Federal Home Loan Bank Affordable Housing Program, and $1,257,120 in equity generated from the sale of federal Historic Tax Credits.
"GG Green not only provides quality affordable housing opportunities for senior citizens, but also creates functional retail space and preserves one of the city’s most important historic buildings,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “Projects like this help meet the high demands for affordable rentals in New Jersey while revitalizing key sections of local commercial corridors."
GG Green is a unique redevelopment project that involved the rehabilitation and adaptive re-use of an 1880 Victorian Opera House, one of Woodbury’s nationally registered historic buildings that was slated to be demolished. Located in the heart of downtown Woodbury, this project provides 52 one-bedroom and 3 two-bedroom units, approximately 7,000 square feet of retail space along the city’s commercial corridor South Broad Street, and a 3,500 square foot community room. Inside its ornate Victorian style exterior, the apartment features units with spacious bedrooms, kitchens with Energy Star appliances, bathrooms with attractive tiling and fixtures, efficient HVAC systems and refined flooring. The historic complex has achieved LEED-Platinum certification, the highest level of green building awarded by the U.S. Green Building Council.
“This mixed-use retail and living space truly represents HMFA’s mission of providing safe, decent, and affordable housing with great access to retail, quality schools, public transportation, and jobs in Gloucester County,” said HMFA Executive Director Marchetta. “We are thrilled to have provided the capital financing necessary to build this project that has a glowing opportunity to bring back a vibrant downtown and attract economic development in the area.”
Annually, states are allocated low-income housing tax credits by the federal government on a per-capita basis. HMFA as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the State. RPM Development Group was awarded extremely competitive 9% tax credits from the 2012 cycle that providing over 80% of the funding for the development of GG Green.
The units are age restricted to 55 and older for those earning less than 60% of the Area Median Income (AMI) with six units being set aside for homeless veterans at 30% AMI for Gloucester County. An on-site coordinator provides all residents with access to social services including case management information and referrals to residents and families on local, state, and federal programs, at no cost. In addition, social services for the six special needs units consist of employment assistance, educational workshops, financial management and referrals to community support groups.
HMFA is the administrator of federal Low Income Housing Tax Credits for New Jersey. These provide a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market. New Jersey is annually allocated approximately $18 million in LIHTC and the sale of the credits produces over $162 million in project equity. Currently, there are more than 500 projects statewide in HMFA’s portfolio that contain over 32,000 units and assists with the rehabilitation or construction of approximately 20 projects annually.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov