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NJHMFA Celebrates the Opening of Affordable Housing in Woodbridge for Families
Home > Media Room > HMFA in the News > News 2018 > NJHMFA Celebrates the Opening of Affordable Housing in Woodbridge for Families
For Immediate Release: Contact:
April 13, 2018 Tammori Petty
Lisa Ryan
(609) 292-6055
 

NJHMFA Celebrates the Opening of Affordable Housing in Woodbridge for Families


High Res Photo [jpg 2.4MB]

Jacobs Landing Phase I in Woodbridge.

Aging Public Housing Complex Replaced with Modern Apartments
 
Woodbridge, NJ – New Jersey Housing and Mortgage Finance Agency (NJHMFA) and Woodbridge officials today joined representatives of Ingerman and BCM Affordable Housing for the grand opening of Jacobs Landing Phase 1, which is the first of a three-phase project to replace an aging public housing complex with new apartments affordable to families.
 
When the three phases are fully finished, the Jacobs Landing development will feature 204 modern apartments and will completely replace the 150-unit Woodbridge Garden Apartments located on Bunns Lane. Current residents are being temporarily relocated to other buildings during construction.
 
In Phase 1, 66 housing units were demolished and replaced by 84 apartments, varying in size from one to four bedrooms. The new apartments are located in seven three-story, breezeway-style buildings. Residents have already begun to move in. Their incomes range from very low to moderate, with some households earning up to 60 percent of area median income. Five units in Phase 1 are set aside for homeless individuals and families.
 
“Jacobs Landing is a much-needed project to improve the quality of life for residents who have been living in older public housing,” said NJHMFA Executive Director Charles A. Richman. “The development’s complete makeover not only enhances the surrounding community, but also increases the number of affordable apartments for families in the area.”
 
All 84 units are affordable, and 66 will receive project-based rental assistance under the Rental Assistance Demonstration (RAD) program, which allows public housing agencies and owners of properties assisted by the U.S. Department of Housing and Urban Development (HUD) to convert units to project-based Section 8 programs. Rents for the 66 RAD units will range from $626 to $1,377, while the remaining units will range from $318 to $1,726.
 
NJHMFA awarded 9% Low Income Housing Tax Credits to the development. The federal tax credits are expected to generate $18.6 million in private equity for the project. The Agency also awarded approximately $17 million to the project from its Conduit Bond program. Other financing includes approximately $605,000 from the Federal Home Loan Bank.
 
Jacobs Landing is close to Woodbridge’s downtown district, which features shopping, medical offices, houses of worship and dining opportunities. The development is also very close to NJ Transit bus and rail service.
 
Ingerman Management Company will provide or arrange for case management services for residents who need it. Such services include mental health counseling; rehabilitation; vocation and employment assistance; health and dental; income support and benefits; and substance abuse treatment. 
 
Construction on Phase II, which involves the demolition of 46 existing units and the new construction of 60 units, is expected to begin this summer and finish in the summer of 2019. Five units in Phase II will be set aside for homeless individuals and/or families.
 
Construction on Phase III is set to begin in 2019 and will include the development of 60 units, 38 of which are expected to be RAD units.
 
Ingerman is a leading developer, builder and manager of award-winning multifamily communities throughout the Mid-Atlantic region. BCM Affordable Housing is a real estate development firm that specializes in creating attractive housing and viable communities in the Mid-Atlantic region for families and seniors.
 
NJHMFA, an affiliate of the New Jersey Department of Community Affairs, has been a leader in the creation and rehabilitation of nearly 100,000 affordable housing opportunities for families, seniors and special needs residents statewide through its loan financing and bond programs; mortgage, down payment and closing costs assistance; and the award of federal Low Income Housing Tax Credits. For more information on NJHMFA programs, visit www.njhousing.gov.