September 27, 2012 - Christie Administration Marks Groundbreaking of Senior Affordable Housing Community in Cherry Hill
CHRISTIE ADMINISTRATION MARKS GROUNDBREAKING OF
Project to Provide 74 Senior Citizens with a Comfortable Place to Call Home
CHERRY HILL, N.J. – Committed to increasing the availability of and accessibility to safe and affordable housing in the state, New Jersey Housing and Mortgage Finance Agency (HMFA) representatives today joined local officials to mark the groundbreaking of Benedict’s Place, a 74-unit affordable housing community for senior citizens located in Cherry Hill Township, Camden County. The HMFA, an affiliate of the New Jersey Department of Community Affairs, committed approximately $8.5 million in permanent financing and $5.5 million in equity through the sale of federal tax credits for the project.
“Low-income seniors who have had a difficult time finding affordable housing will now have an opportunity to live in one of the best towns in South Jersey,” said DCA Commissioner Richard E. Constable, III, who is Chair of the HMFA. “We are extremely proud that Benedict’s Place will provide a comfortable place for our seniors to call home and that it will offer a new housing resource for people in the Cherry Hill community and beyond.”
Once completed, Benedict’s Place will serve very low income seniors (62 years of age and older). Anticipated gross rent for the air-conditioned one-bedroom units will range from $300 to $375 for eligible seniors. The project will also include a community room for tenants, two elevators, and a total of 47 parking spaces designated for tenants. The community will be located in a suburban neighborhood within two miles from shopping centers and medical facilities.
“Benedict’s Place truly carries out the project stakeholders’ mission, which is to provide flexible, affordable housing opportunities for senior citizens on low, fixed incomes,” said HMFA Executive Director Anthony L. Marchetta. “I am pleased that HMFA played a role in getting this project off the ground. It truly advances our laudable goal of making affordable housing a reality for more and more residents of New Jersey.”
The Diocesan Housing Services Corporation of the Diocese of Camden, Inc. is developing the Benedict’s Place community. Currently, the Corporation oversees and manages several other senior citizen housing complexes, two of which are HMFA projects: Victorian Towers in Cape May and the Village at St. Peter’s in Pleasantville.
The HMFA works closely with developers, providing a variety of services and programs to assist them with the production and preservation of affordable housing. The Agency is also the administrator of the federal Low Income Housing Tax Credit program for New Jersey. The 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. The credits are sold to an investor by the developer; the proceeds from this sale enable the developer to take out a smaller mortgage which allows for more affordable rents.
Currently, there are more than 500 projects statewide in HMFA’s portfolio that contain over 32,000 tax credit housing units that were developed with the help of Low Income Housing Tax Credits.
Additional funding for the Benedict’s Place project is coming from the U.S. Department of Housing and Urban Development and Camden County HOME Funds.
For more information on HMFA programs, please call 1-800-NJHOUSE or log on to www.njhousing.gov.