Jul-03-08 DCA AWARDS $52.3 MILLION IN AFFORDABLE HOUSING FUNDS
Funds to Build 872 Affordable Housing Units Across New Jersey
TRENTON, N.J. – Department of Community Affairs (DCA) Commissioner Joseph V. Doria, Jr. and New Jersey Housing & Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today announced the award of $52.3 million in affordable housing funds. $15.1 million of the funding is from Federal Low Income Housing Tax Credits (LIHTC) and $37.2 million of the funding is from Balanced Housing/Home Express funds. The funding will support the creation of 752 affordable rental housing units and the preservation of 120 units in nine communities throughout New Jersey. These awards represent 9 percent federal tax credit allocations from the Spring Cycle of 2008 and will serve to attract $124 million in investment capital.
“Governor Corzine is committed to providing New Jersey residents with quality affordable housing,” said Commissioner Doria. “These funds will create housing opportunities that greatly impact and benefit the lives of New Jersey’s hardworking families and seniors.”
The combined funding will be used to construct or preserve 12 housing developments in Camden, Deptford, Jersey City, Newark, Paterson, Salem City, Somerdale, Stafford, and Vineland. The total development cost for all 12 funded projects is $217,013,328.
“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 housing opportunities that New Jersey families can afford,” Executive Director Della Vecchia said.
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 designated housing finance 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. Please see the below Project Descriptions for more information.
For more information on HMFA programs, please call or 609-278-7400, or log on to www.nj-hmfa.com.
Camden City: John O. Parker, Jr. Hall will be a development for seniors 55 years of age or older located within the Centerville Section of the City of Camden. The plans call for the development of 77 low-income one and two bedroom apartments within a four story mid-rise building. The apartments will feature bamboo flooring, ceramic tile baths, wall-to-wall carpeting, air conditioning, dishwasher and garbage disposal.
Developer: MBI Development Company, Inc.
Camden City: Market Fair is a unique project combining historic rehabilitation with new construction in two Camden neighborhoods to provide 71 units of affordable rental housing to low and very low-income seniors and over 7,000 square feet of commercial space. This project will preserve one of NJ’s historic assets, the New Jersey Safe Deposit and Trust Company building. The building is listed on the National Register of Historic Places and has been named one of NJ’s “Most Endangered Buildings”. This building will house 35 units for seniors, and apartments will feature hardwood floors in living areas and energy-efficient stainless steel appliances. The other building will provide 36 units of affordable housing for seniors in the historic Fairview neighborhood.
Developer: RPM Development, LLC
Somerdale: Gateway Village will consist of 30 garden style apartments in four buildings, conveniently located within the Lions Head Plaza Redevelopment Area at the White Horse Pike (US 30) and Evesham Road in the Borough of Somerdale. Of the 30 apartments there will be 6 one-bedroom, 15 two-bedroom, and 9 three-bedroom units. Each apartment will have a washer and dryer, linen closet, pantries, walk in closets, wall to wall carpeting and air conditioning. Numerous shopping, service and employment opportunities are within walking distance of the property.
Developer: Camden County Housing Association in conjunction with Community Investment Strategies
Vineland: Landis Square Senior Apartments is part of the Landis Square West redevelopment and new construction project in downtown “Main Street” Vineland. The building will include 78 one bedroom and 4 two bedroom one bath units for seniors age 55 and older. The apartment amenities include range, refrigerator, dishwasher, garbage disposal, and electric heat with air conditioning. There will be laundry facilities on each floor.
Developer: Eastern Pacific Development, LLC
Newark: BAT District Lofts is a mixed income development in the Central Ward of the City of Newark. It is a block and a half from the Broad Street Train Station, and within walking distance of the Newark Bears and Eagles Baseball Stadium. The property is an adaptive re-use of a vacant building and will have 68 new apartments. Of the 68 apartments, 18 are for low-income families and 15 units are for moderate-income families. The units will have central air conditioning, high-speed Internet access; there will be a community computer room and an outdoor roof deck.
Developer: Rock Properties
Newark: Brick Towers, Phase I, Montgomery Street is an 80 unit new construction family rental development with 8 one-bedroom, 48 two-bedroom, and 24 three bedroom units that is to be constructed in the historic High District. There will be central air conditioning, a fitness center, media room and on-site parking. The units will be affordable to residents between 35% and 60% of area median income.
Developer: Pennrose Properties
Newark: Newark Genesis Apartments is located in the North Ward and features 51 units of affordable housing for low-income families as well as provide a continuum of residential and supportive services for people with HIV/AIDS. This is the first residential facility in New Jersey where the permanent housing is fully integrated with the case management/medical services provided through a post-acute care AIDS facility. Broadway House staff will provide medical case management and counseling on-site at Newark Genesis. The low-income families residing at the property will receive family stabilization services, case management, and employment services. There will be 31 one-bedroom units, 16 two-bedroom units, and 4 three-bedroom units.
Developer: Help Development Corporation
Deptford: Deptford Family Housing will be a community created and sponsored by Conifer Realty, LLC and Moorestown Ecumenical Neighborhood Development, Inc. (MEND). The development is to consist of 92 apartments situated in 7 buildings. There will be 8 one-bedroom, 53 two-bedroom, and 30 three-bedroom apartments. Each apartment will have a full kitchen, with energy star appliances such as dishwasher, frost-free refrigerator, and electric oven. Each apartment will be separately metered and will have gas heat and hot water, and central air conditioning. There will also be a community building with a computer learning center, exercise room, and a community laundry room.
Developer: Conifer Realty, LLC in conjunction with MEND, Inc.
Jersey City: The Fred W. Martin Complex will be a Multifamily/Supportive Housing mixed-use development consisting of 39 residential apartments with retail/commercial space on the ground floor. Ten of the apartments are Supportive Housing units for developmentally disabled households. This development represents the vision of the Webb-Washington Community Development Corporation and the goals of the Jersey City Redevelopment Agency to rehabilitate this part of the Martin Luther King Drive Redevelopment area. It is convenient to shopping, services, and public transportation including a light rail train station.
Developer: JP Affordable Housing, Inc.
Stafford Township: Stafford Park Apartments is a new construction project located near Route 72 and the Garden State Parkway at Exit 63. The project will contain 112 units, 12 one-bedroom, 58 two-bedroom, and 42 three-bedroom apartments. Each apartment will include a washer, dryer, dishwasher and controlled heating and central air within each unit. Recreational facilities include a tot-lot, and recreational building.
Developer: Walters Group
Paterson: The Eva’s Village Apartments is an adaptive re-use and redevelopment of a vacant factory building into affordable, permanent rental housing for persons with low incomes. There will be 50 rental apartments with 26 of which reserved for special needs. There are 7 efficiency units, 21 one-bedroom units, 19 two-bedroom units, and 9 three-bedroom units. All units will be handicapped adaptable and will include modern amenities such as Energy Star appliances, wall-to-wall carpeting, window blinds, ample closet space, and hardwiring for cable TV and internet access. Every unit will have a private kitchen and bathroom.
Developer: Eva’s Village Apartments, LP
Salem City: Whispering Waters Phase I is a preservation project that will be part of an already existing Whispering Waters apartment complex, with Phase 2 having previously received NJHMFA funding. Whispering Waters is the largest housing project ever financed by the USDA in New Jersey. Whispering Waters provides housing for very low, low and moderate-income households. Phase I seeks to uplift the complex with rehabilitation of an existing 100 one and two bedroom units into 120 units. Of these 120 units, there are 39 one-bedroom units, 45 two-bedroom and 36 three-bedroom units. All units will have central air as well as Energy Star refrigerators and dishwashers. On-site parking for tenants is included in the development as well a playground.
Developer: Ron Rukenstein & Associates