Jun-22-07 DCA Awards Over $54 Million in Affordable Housing Funds
TRENTON, N.J. – Department of Community Affairs’ (DCA) Commissioner Susan Bass Levin and New Jersey Housing & Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today announced the award of over $54 million in affordable housing funds. The funding will support the creation of 723 affordable rental housing units and the preservation of 339 units in twelve communities throughout New Jersey.
“This funding demonstrates Governor Corzine's strong commitment to building affordable housing,” said Commissioner Levin. "These investments represent housing opportunities that will make a difference in the lives of thousands of people and in the future vitality of New Jersey as the Governor, DCA and HMFA continue to work towards providing quality, affordable housing for families and seniors.”
These awards represent 9 percent federal tax credit allocations from the Spring Cycle of 2007 and will serve to attract $136.1 million in investment capital. $15.1 million was provided through the federal Low Income Housing Tax Credit Program (LIHTC) and $39 million was provided through Balanced Housing/Home Express funds. The combined funding will be used to construct or preserve housing developments in Camden, Deptford, East Orange, Evesham, Franklin Township, Gloucester Township, Hoboken, Jersey City, Long Branch, Passaic, Plainfield, and Toms River.
“Both nonprofit and for-profit developers throughout the state were chosen for the Balanced Housing/Home Express and Tax Credit awards, in an effort to provide quality affordable housing opportunities for all of our hardworking families,” said HMFA Executive Director Della Vecchia.
The joint cooperation of DCA’s and HMFA’s financing programs represents an improved efficiency in providing funding to meet New Jersey’s affordable housing needs.
States are allocated low-income housing tax credits by the federal government on an annual per-capita basis. As the authorized housing credit agency for the state of New Jersey, HMFA is responsible for the allocation of tax credits to qualified applicants and the monitoring of those projects for compliance with the Internal Revenue Code.
Federal low income housing tax credits are awarded to developers planning to build new rental apartments or rehabilitate existing units for low-income households. Recipients become eligible to write off a percentage of their personal or corporate income on federal tax returns for a period of 10 years. The rental apartments must be reserved for low-income households for a period of 30 to 45 years. Construction completion for the developments is expected within 12 to 24 months.
DCA’s Neighborhood Preservation Balanced Housing Program is funded through a portion of the New Jersey Realty Transfer Tax receipts. The Home Express Program, created jointly between DCA and HMFA, allows HMFA to administer Balanced Housing funds on behalf of DCA for rental projects that are eligible for low-income housing tax credits pursuant to the federal low-income housing tax credit program. No direct funding comes from the State Treasury for these programs.
For more information on HMFA programs, please call or 609-278-7400, or log on to www.nj-hmfa.com.
Evesham: Sharp Road is a new construction project that will consist of 104 family units, situated in thirteen buildings. There will be 16 one-bedroom units, 56 two-bedroom units, and 32 three-bedroom units. A 2,400 square foot community building will be constructed which will include a great room, warming kitchen, patio, computer learning center, community laundry facility, and management and maintenance offices. Each unit will have a full kitchen, living and dining area, full bath and a patio or balcony for private outdoor space.
Developer: MEND, Inc and Conifer Realty LLC.
Gloucester Township: Gloucester Township Senior Campus is a new construction project being developed for seniors ages 62 and up. The project will create 75 units consisting of 69 one-bedroom units and 6 two-bedroom units. Fifteen units will be set aside for the frail elderly. The development will have a large community center to be used by residents for social activities and meetings.
Developer: Gloucester Township Housing Finance Corporation (GTHFC)
Camden: North Camden Land Trust is a preservation project that will house a total of 89 families. The development will contain 6 one-bedroom units, 12 two-bedroom units, 57 three-bedroom units, 7 four-bedroom units and 7 five-bedroom units. As a result of the rehabilitation, all units will receive new roofs, Energy Star appliances and fixtures, heaters, windows and smoke detectors. The rehabilitation will also create 5 handicapped accessible units. Deed restrictions on these units will be extended an additional 30 years.
Developer: Lutheran Social Ministries of New Jersey, Inc.
Camden: Roosevelt Manor Phase 7 is a part of the overall redevelopment of the Roosevelt Manor public housing project, built in the 1950’s in the Centerville section of the City of Camden. In 2005, the City of Camden received a HOPE VI grant to redevelop Roosevelt Manor and the surrounding neighborhood. A combination of rental and homeownership units totaling 672 will be developed on the public housing site and surrounding neighborhood. Phase 7 consists of a total of 74 units. Of these 74 units, there are 8 one-bedroom units, 34 two-bedroom units, 28 three-bedroom units and 4 four-bedroom units. On-site parking for tenants is included in the development.
Developer: Pennrose Properties
East Orange: Essex Valley Supportive Housing is a supportive housing project that will construct 24 efficiency units and provide permanent homes for single, homeless adults with mental illness and other disabilities. All units will have a private bath, complete kitchen, storage space, and combined living/sleeping area. On-site parking will be included along with the office for property and service staff, an elevator, common laundry, and a multipurpose room for training, recreation and social events.
Developer: East Orange General Hospital
Deptford: Tanyard Oaks will develop 66 units in the New Sharon section of Deptford Township. Of these 66 new construction units there are 15 one-bedroom units, 31 two-bedroom units and 20 three-bedroom units. The units will have washers and dryers, patios/balconies, walk in closets and air conditioning. A community center that will have common rooms, a kitchen/cleaning area, and office and storage areas.
Developer: Community Investment Strategies
Hoboken: Hoboken-North Hudson YMCA is rehabilitating 96 existing single room occupancy units to create updated single room occupancy for homeless men in the Hoboken area. The rehabilitation will include community space, laundry facilities, office space for a resident manager and social worker, air conditioning and camera/security systems in each building. Special needs residents will receive various services free of charge including: case management services, mental health counseling, substance abuse counseling and medical transportation. Deed restrictions on these units will be extended for an additional 45 years.
Developer: Hoboken-North Hudson YMCA
Jersey City: Ocean Pointe Senior Development is the fifth project to be implemented in the Lafayette Gardens/Morris Canal HOPE VI Plan. The project being constructed will contain 59 senior units in two, four story buildings. Of the 59 units, 53 will be one-bedroom and 6 will be two-bedroom. Included in the construction of the project is 5,200 square feet of community space that will be used to provide management and social services, including a computer learning center, a game room and on-site offices for medical personnel. Twenty percent of the units being developed are going to be set aside for the frail elderly.
Developer: Michaels Development Company
Long Branch: Garfield Court Phase I is a development partnership with the Long Branch Housing Authority (LBHA), which is considered Phase IIIA of the LBHA’s recent HOPE VI award. This 67 affordable unit development will be comprised of 6 one-bedroom units, 30 two-bedroom units, 27 three-bedroom units and 4 four-bedroom units. All of the units will have a security alarm, dishwasher, central air and parking. There will be a 7,500 square foot administrative/community building that will contain community space, social service spaces, administrative and management offices, as well as public and private meeting spaces.
Developer: Pennrose Properties
Toms River: Toms River Crescent will consist of 120 family units in 15 two-story buildings near the intersection of Whitesville Road in Toms River Township. The project will provide 83 two-bedroom units and 36 three-bedroom units. Each unit has its own laundry facilities, patios/balconies, walk in closets, air conditioning and other amenities. A “tot lot”, recreation area, community center with common room, kitchen/catering area and office and storage areas are part of the development.
Developer: Community Investment Strategies
Passaic: The Garden is a six-story building that has played an historic role in Passaic. The building was one of the largest Elks halls on the East Coast with a performance stage, private balconies, catering kitchen, and top floor hotel suites. After being vacated for more than 15 years, the building is being rehabilitated and converted into a 40 unit senior housing development. Of the 40 units, 33 will be one-bedroom units and 7 will be two-bedroom units. Each apartment will come equipped with a security and intercom system, as well as essential appliances. Also being created are laundry facilities for use by the residents.
Developer: Garden-Howe Urban Renewal Associates
Franklin Township: Berry Street Commons is the first phase of a multi-phase redevelopment of the Churchill –Millstone redevelopment area in Franklin Township. The project will consist of 2 four-story buildings containing a total of 94 units. Of the proposed units, there will be 7 one-bedroom units, 58 two-bedroom units and 29 three-bedroom units. All units will have central air and Energy Star dishwashers and refrigerators. Provided for the residents will be laundry facilities as well as below grade and underground parking.
Developer: RPM Development
Plainfield Township: Originally built in 1981, Plainfield Tower West is an existing senior housing property. The property contains 154 one-bedroom units for very low-income seniors in a 12-story high-rise elevator structure. Rehabilitation of the project will include new thermal pane windows, new roofing, new HVAC equipment for both common areas and individual units, replacement of kitchen cabinets and countertops, replacement of bathroom vanities and countertops, and a series of improvements to interior common areas. The project offers a generously sized community room and kitchen, landscaped outdoor patio and community garden, and 24/7 manned security located at the front entrance. An emergency pull cord system is also installed in the units for senior residents. Deed restrictions on these units will be extended for an additional 45 years.
Developer: Presbyterian Homes of Plainfield, Inc.
pay their winter heating bills.
LIHEAP funding is administered through the DCA’s Division of Community Resources.
For further information on LIHEAP and USF, call toll-free: 1-800-510-3102, or log on to http://www.nj.gov/dca/dcr/hea/index.shtml.