Nov-29-2010 DCA & HMFA Break Ground on 30-Unit Affordable Apartment Community in Somerdale
DCA & HMFA Break Ground on 30-Unit Affordable Apartment Community in Somerdale
SOMERDALE - Representatives from the New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials today to break ground on Gateway Village, an affordable apartment community for families located in Somerdale, Camden County. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided permanent mortgage financing in the amount of $352,000 for the project. Gateway Village was also awarded federal Low Income Housing Tax Credits, which will generate approximately $4.4 million in private equity. In addition, approximately $1 million in funding came from DCA’s Balanced Housing Program.
"Gateway Village represents not just an expansion of affordable housing options in the Somerdale area, but it will serve as an asset to the surrounding community," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "The DCA and HMFA are proud to be involved in projects such as these because they create high-quality affordable housing for those New Jersey households who need it."
Upon completion, Gateway Village will offer 30 affordable family rental units located within the Lions Head Plaza redevelopment area that will serve as Somerdale's new town center. The project will consist of four three-story buildings containing one, two, and three bedroom units. The buildings will be constructed in a townhouse style with each apartment having its own exterior door. The design of Lions Head Plaza conveys a main street appearance, including wide sidewalks for pedestrian access and outdoor dining, and an outdoor plaza for civic events. Within walking distance from Gateway Village are a neighborhood elementary school and a PATCO train station that provides access to Philadelphia and Atlantic City.
"Gateway Village will create safe, decent, and affordable housing in close proximity to public transportation and jobs in Camden County," said HMFA Executive Director Anthony L. Marchetta. "I am pleased that HMFA played a role in getting this project off the ground. This project truly represents our mission of increasing the availability of affordable housing for residents of the State."
The project is being developed by Conifer Realty, LLC, a real estate company that specializes in the development, construction and management of high-quality, affordable rental housing communities. Conifer has developed, owns and manages over 2,000 apartments in New Jersey.
HMFA is the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax Credits are a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market.
DCA administers the Balanced Housing Program, which provides municipalities and for-profit and non-profit developers with financial assistance needed to spur the development of affordable housing across the state. Balanced Housing is funded by a portion of the New Jersey Realty Transfer Tax, which is collected on the sale of every non-exempt property within the State.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj-hmfa.com. For more information on DCA programs, please log on to www.nj.gov/dca on the DCA website.