July 20, 2012 - Christie Administration Announces Awards $18.7 Million in Affordable Housing Funds
CHRISTIE ADMINISTRATION ANNOUNCES AWARDS $18.7 MILLION IN AFFORDABLE HOUSING FUNDS
TRENTON, N.J. –New Jersey Housing & Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta announced the award of $18.7 million in affordable housing funds from Federal Low Income Housing Tax Credits (LIHTC). The funding will provide the financial support needed for the creation of 510 affordable rental housing units for families, 234 affordable rental housing units for seniors, and 242 units for supportive housing. Approximately 75% of these projects will be constructed in suburban areas and 25% in urban areas throughout New Jersey. These awards represent 9 percent federal tax credit allocations from the 2012 Cycle and will serve to attract over $170 million in investment capital.
“Governor Christie is committed to providing New Jersey residents with quality affordable housing,” said Department of Community Affairs Commissioner Richard E. Constable, III. “These funds will create housing opportunities that greatly benefit the lives of New Jersey’s hard working families, seniors and special needs residents.”
The funding will be used to construct or preserve a total of eighteen housing developments throughout the state of New Jersey in Atlantic City, Barnegat Township, Burlington Township, Elizabeth City, Ewing, Franklin Township, Gloucester Township, Hopewell Township, Lawnside, Long Branch Township, Mantua, Montvale, Newark City, Orange City, Somerset, Trenton, Winslow Township, and Woodbury.
“Both nonprofit and for-profit developers throughout the state were chosen for the extremely competitive 9% Tax Credit awards in an effort to provide quality housing opportunities that New Jersey families can afford,” Executive Director Marchetta said.
Each year the federal government – via its Low Income Housing Tax Credit Program – allocates tax credits to the states on a per-capita basis. In NJ, HMFA is the housing credit agency responsible for the administration of this program. It allocates over $18 million in 9% credits annually, which generates over $170 million in equity for the development of affordable housing projects in the State.
As the designated housing finance agency for the state of New Jersey, HMFA is also responsible for the monitoring of the long-term compliance of these projects with Section 42 of the Internal Revenue Code. Within the state of New Jersey there are over 500 projects containing a total of over 32,000 tax credit units in HMFA’s tax credit portfolio.
Federal Low Income Housing Tax Credits are awarded to developers who are planning to build new rental apartments or rehabilitate existing units for low-income households. The developers who receive the credits sell them to an investor who is then able to write off a percentage of their personal or corporate income on federal tax returns for a period of 10 years. The development company uses the proceeds from the sale of the credits to reduce its development costs and thereby allow it to charge lower rents. Rental apartments developed under this program must be reserved for low-income households for a period of 30 to 45 years. Construction is expected to be completed within 12 to 24 months of the award of the credits.
No direct funding comes from the State Treasury for this program. Please view the 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.
Atlantic City: Beachview Residence Apartments will involve the rehabilitation of a vacant former convalescent home into a 58 unit affordable rental property. The project contains 53 one-bedroom and 5 two-bedroom apartments; 15 units will be available to persons with special needs, 6 of which will have no age restriction, and 9 of which will be age-restricted and must be occupied by at least one person over 55 years of age. Forty-three (43) units are affordable and age-restricted to those households containing at least one person who is 55 years and older. Community amenities include on-site parking, building security systems, and proximity to the boardwalk and waterfront.
Developer: Homes Now, Inc.
Montvale: Montvale Commons will be a mixed-population, mixed income project with a supportive housing component in Montvale, New Jersey. Of the 28 apartments, 18 units will be reserved as affordable and 10 units will be set aside as supportive housing for persons with disabilities, with a priority for persons requiring specialized Multiple Sclerosis services. The development will consist of 11 one-bedroom units, 12 two-bedroom apartments, and 5 three-bedroom units. All units will include modern amenities such as Energy Star appliances, wall-to-wall carpet, window blinds, ample closet space, and hardwiring for cable TV and internet access. The project’s design will incorporate features that allow residents with disabilities to live independently and age in place for as long as possible by accommodating their changing physical needs. All public spaces will be handicapped accessible.
Developer: Regan Development and the Housing Development Corporation of Bergen County
Burlington Township: The Springside School project will redevelop the historic Springside School into 74 units of affordable housing. Sixty (60) units will be required to have a family member who is 55 years of age or older, two of these will be set aside for people with mental illness. The remaining 14 units will not be age-restricted and will be set aside for people with mental illness. Thirty-one (31) apartments and a community room will be developed in the existing building. An addition will be constructed to house an additional 44 units, laundry facilities, a fitness room, a library and a manager’s office. The auditorium/gymnasium in the original school building will be used as the community room for residents. The project will consist of 68 one-bedroom units and 7 two-bedroom units. Each apartment will have a full kitchen, living and dining areas, full baths, generous bedrooms and ample closet space. Each unit will have Energy Star appliances with dishwasher, frost-free refrigerator, electric oven, and range hood with plenty of cabinet space. Each unit will also have energy efficient heating and cooling systems that meet the Energy Star Homes Program requirements.
Developer: Conifer Realty, LLC and Moorestown Ecumenical Neighborhood Development, Inc. (MEND)
Gloucester Township: Revere Run at Park Place is a proposed new construction development containing 80 units for families. The development will consist of 16 one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units. 5 of the one-bedroom units will be set aside for a special needs population. Units will include full kitchens, living and dining areas, full baths, generous bedrooms and ample closet space. Each unit will have Energy Star rated appliances with frost-free refrigerator, electric oven with range hood and plenty of cabinet space. Each unit will have energy efficient heating and cooling systems that meet the Energy Star program requirements. Tenant will be responsible for heat, hot water, and electric. Project amenities include a community room, exercise room, computer room, craft room, laundry facilities and a management office.
Developer: Conifer Realty, LLC
Lawnside: Lawnside Senior Housing will be developed as a 40 unit affordable rental development for seniors. The development will consist of the historic rehabilitation of a former school building and the new construction of a second building. The development will include 40 one-bedroom units of which 16 will be placed in the historic school building and 24 units will be in the newly constructed building on site. The completed development will also contain a community room, an exercise room, a computer room, a craft room, laundry facilities, and a management office. Each apartment will have full kitchens, living and dining areas, full baths, generous bedrooms and ample closet space. Each unit will have Energy Star rated appliances with frost-free refrigerator, electric oven and range hood and plenty of cabinet space. Each unit will have energy efficient heating and cooling systems that meet the Energy Star Program requirements. The applicant has set aside 8 one-bedroom units for the frail elderly and 5 one-bedroom units for the special needs population, homeless seniors.
Developer: Conifer Realty, LLC and Camden County Housing Association
Winslow Township: Winslow Commons Phase II includes 94 units of townhouse style family apartments and 90 units of apartments for seniors. Phase II contains 29 townhouse units in 8 buildings that contain 19 two-bedroom units, 24 three-bedroom units and 6 four-bedroom units for larger families. The two bedroom units will contain approximately 1,200 square feet, three bedroom units will contain approximately 1,400 square feet, and the four bedroom units will contain approximately 1,600 square feet. There are also 5 units reserved for persons with special needs. Unit amenities include range, refrigerator, dishwasher and disposal, gas heating and electric cooling. Project amenities include on-site management, community building, planned social activities and events, sand lot for children, one car garage and one space for guests for each unit.
Developer: Winslow Commons CCU Partnership
Orange: 50 & 55 South Essex Avenue will be situated on two lots adjacent to the train station, within a Qualified Census Tract, a Smart Growth Area, a Transit Village and Transit-Oriented Development boundaries where existing uses include a single-story, prefab structure and a mix of storage facilities. The project initiates a transition to higher and better uses of the community surrounding the train station. This project has the potential of transforming the area into a true transit village. The property will feature 64 affordable rental apartments as well as 5,600 square feet of ground floor retail. The project will utilize waiting lists from the Public Housing Authority of Orange; integrate Social Services through five Supportive Services Units targeted at youth aging out of foster care. Unit amenities include Energy Star refrigerators and dishwashers, onsite parking, and bedroom sizes exceeding the minimum of 1000 square feet. Project amenities include laundry facilities and security cameras.
Developer: South Essex Avenue Urban Renewal LLC
Newark: Broadway Estates will generate affordable senior housing and offer residential and supportive services to homeless and disabled veterans aged 55+ in Newark, NJ. The project will consist of the new construction of 40 units of affordable housing, of which 10 will be set-aside for special needs tenants. The building will be comprised of three (3) residential stories and contain forty (40) one-bedroom apartments. Space has been provided in the building to offer a variety of supportive services and programs for its residents. The facility will include a community room and a warming kitchen.
Developer: HELP USA
Mantua: White Oak Lane at Mantua will be developed into 72 units of affordable housing for families. Five units will be set aside for people with special needs; youth aging out of foster care. Supporting services will be provided to the special needs residents. The development is located in a redevelopment area. The site is a former brownfield site that is being remediated. The project will consist of 15 one-bedroom units, 22 two-bedroom units and 35 three-bedroom units. Each apartment will have a full kitchen, living and dining areas, full baths, generous bathrooms and ample closet space. Each unit will have Energy Star appliances with dishwasher, frost-free refrigerator, electric oven with hood and plenty of cabinet space. Each unit will also have energy efficient heating and cooling systems that meet the Energy Star Homes Program requirements. All utilities will be separately metered to each apartment including gas heat and electricity. All of the units will be handicap accessible or handicap adaptable.
Developer: Conifer Realty, LLC
Woodbury: Woodbury Senior will be a rehabilitation/redevelopment project to restore a nationally registered historic building and revive a key section of downtown in the City of Woodbury. This development will create 52 one-bedroom and 3 two-bedroom apartments, as well as approximately 7,000 square feet of retail space. The project will provide senior residents with access to social services at no cost. These services will be organized by an on-site coordinator in a designated community room and will consist of programming such as employment assistance, educational workshops, and referrals to community support groups. Throughout each building, units will feature a kitchen with Energy Star appliances, a bathroom with attractive tiling and fixtures, sizable bedrooms, efficient HVAC systems and refined flooring.
Developer: RPM Development
Ewing Township: The Gardens at Birmingham site, approximately 4.75 acres, includes the development of the former Naval Air Warfare Center and construction of 48 affordable rental apartments in three newly constructed buildings. The units consist of 9 one-bedroom units, 24 two-bedroom units, 15 three-bedroom units; ranging in size from 650 to 1,350 square feet. Unit amenities include blinds, wall-to-wall carpet, energy efficient appliances, refrigerator, oven dishwasher, central air conditioning, washer/dryer, public sewer and water, and cable TV. The project will include on-site parking, a community building with onsite management offices and community gathering and activity space. The site is located adjacent to a shopping center that includes a grocery store, childcare center and restaurant and there is a bus line within ½ mile of the property.
Hopewell Township: Freedom Village at Hopewell Township will be a 72 unit affordable housing rental community in Hopewell Township, NJ. This project calls for the construction of six “L” shaped two-story buildings with one elevator in each, consisting of one, two, and three bedroom rental apartment units all of which will be accessible to someone using a wheelchair. The units will feature wider doors and hallways, energy efficient appliances, central heating and air-conditioning, accessible kitchens and baths with roll-in showers, and wall-to-wall carpeting. The project will provide 10 units to individuals who are developmentally disabled in cooperation with the Division on Developmental Disabilities and 10 units to those individuals who come from the Division of Mental Health.
Developer: Project Freedom, Inc.
Trenton: Academy Place is an existing 40-unit affordable rental development located in Trenton. There will be 1 one-bedroom unit, 22 two-bedroom units, and 17 three-bedroom units. In this rehabilitation project, the unit mix will be slightly altered, as two 4-bedroom units will be converted into 3-bedroom units, and one 2-bedroom unit will be converted into a 1-bedroom unit. The units’ dimensions will not change; only the interiors will be altered and upgraded. This scope of this rehabilitation will include replacement of windows, toilets, and the atmospheric furnace; the conversion of one unit into an HCAP accessible unit; and stucco wall repair. All of the units will have Energy Star appliances installed, and the project will work with the New Jersey Green Homes office to comply to the fullest extent possible with the Green Futures program.
Developer: Academy Place Urban Renewal Associates, LLC
Long Branch: Woodrow Wilson Homes Phase II is a 57-unit new construction family rental development situated on a 13.87 acre site, which is part of a greater 168-unit community, which includes a 2,500 square foot community building. The 57 units will be distributed among 17 buildings. These buildings will contain 6 one-bedroom units, 33 two-bedroom units, 16 three-bedroom units and 2 four-bedroom units. Five accessible units will be designated for the physically disabled. The townhomes, twins and stacked flats will include a variety of amenities including central air conditioning, electric range and Energy Star refrigerators.
Developer: Pennrose Properties
Barnegat: Laurel Oaks Family Apartments 2 will be a low-income family project that will contain one three-story building with 24 units, 5 of which will be allocated as special needs. There will be 2 one-bedroom units, 13 two bedroom units, 8 three-bedroom units, and 1 two-bedroom superintendent unit that will also be income restricted. Five of the units will be allocated as special needs. The residential unit sizes will range from 812 square feet to 1,280 square feet and will include laundry facilities and controlled heating and central air within each unit. The amenities for each unit will include a washer/dryer, window treatments, carpet, range, refrigerator and dishwasher.
Developer: The Walters Group
Franklin Township: Voorhees Station is a 76-unit mixed-income project in the redevelopment area continuing to build on transitioning the area from a mix of light industrial and residential uses to a more balance mixed-use neighborhood. The project site measures 1.9 acres across three sites. Two 4-story buildings will feature a total of 74 rental apartments and a combined total of 8,965 square feet of retail space. A duplex home will be built on the third parcel, for a total of 76 units. Five units will be reserved for special needs households with a preference for formerly homeless or disabled veterans. The buildings will feature 12 one-bedroom units, 45 two-bedroom units, and 19 three-bedroom units. Each apartment boasts a spacious layout and features high-efficiency stainless steel appliances. Parking for tenants will be provided on the surface level. Project amenities include a 1,600 square foot community room, on-site social services, activities and classes such as computer training, financial counseling, fitness and yoga classes.
Developer: RPM Development
Somerset: Independence Crossing will be a 64-unit, three story senior building reserved for occupancy by persons 55 and older, apart from five (5) units of supportive housing, and one (1) income restricted Superintendent’s unit. Of the units reserved for persons 55 and older, thirteen (13) units will be reserved for frail elderly persons 62 and older. The building will include approximately 11,000 square feet of ground floor commercial/office space, fifty-nine (59) one-bedroom units, and five (5) two-bedroom units. Five (5) of the 64 units will be fully accessible to the mobility impaired and the remainder will be fully adaptable for those households requiring accessible units. Two (2) units will be accessible to residents who are hearing and/or visually impaired. The building will be Energy Star compliant and will conform to the NJHMFA’s Green Future program. The development will also include an onsite laundry room with Energy-Star labeled equipment, a community room, and abundant parking.
Developer: Genesis Companies and First Baptist Church Community Development Corporation
Elizabeth: Renaissance Apartments entails the preservation of 44 low- and moderate-income units plus a community service facility in the Elizabethport neighborhood of the City of Elizabeth. The project is made up of three sites that are located within a few blocks of one another, consisting of 20 one-bedroom units, 12 two-bedroom units, and 12 three-bedroom units. All 20 one-bedroom units will be reserved for young adults in need of supportive services, which will be provided by Brand New Day and other local service providers. The substantial rehab of the first building will provide tenants with bathrooms, kitchens, bedrooms, individual storage space, heating and cooling units, and access to a community space. The building will have parking in the rear as well as on the street. The second and third buildings will provide tenants with new interior and exterior finishes. The upgrades will include exterior and interior painting; upgrades to the kitchens and bathrooms; and upgrades to the roof and windows.
Developer: Brand New Day