July 17, 2013 - NJHMFA Marks Grand Opening of Saddlebrook Court in Hanover, NJ
NJHMFA Marks Grand Opening of Saddlebrook Court in Hanover, NJ
From left to right: Marty Josephs, President, Ingerman Management Company, Ronald F. Francioli, Mayor, Hanover Township, Donna Rendeiro, Chief of Staff, HMFA, Lara Schwager, Development Principal, Ingerman, and Brad Ingerman, President & Chief Executive Officer, Ingerman.
Hanover, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) today joined Hanover Township Mayor Ronald Francioli in celebrating the grand opening of Saddlebrook Court, an affordable rental community in Hanover Township in Morris County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.4 million in tax credits through the Federal Low Income Housing Tax Credit Program (LIHTC) and a $2.9 million permanent mortgage generating $14.7 million in private equity for this project. Additionally, Hanover Township provided $1.4 million in Affordable Housing Trust Funds and a $450,000 affordable housing subsidy.
“We are pleased about the Saddlebrook Court project which will provide housing opportunities for New Jersey’s hard working families, including those aging out of the foster care system,” said DCA Commissioner Richard E. Constable, III. ”The HMFA’s LIHTC Program is yet another tool that developers can take advantage of to increase the supply of affordable housing around the state.”
The newly constructed Saddlebrook Court features 78 affordable family rental units comprised of 15 one-bedroom units, 39 two-bedroom units, and 24 three-bedroom units. Rents will range from $243 to $1,195 per month for one to three bedrooms. Five units, which will be offered at 20% of Morris County Area Median Income (AMI), will be reserved for young adults aging out of the foster care system. This development consists of six three-story garden apartments and a central community building that houses the leasing and management offices, maintenance office, and a community space for meetings, workshops, and recreational programming.
The Saddlebrook Court community features a children’s playground and 24-hour emergency maintenance. Apartment amenities include in-unit washers and dryers, central air, ceramic tile bathrooms, and ENERGY STAR-certified windows, heating and cooling systems, lighting and appliances. Energy Star is a federal program rating products and buildings against guidelines of the Environmental Protection Agency and the U.S. Department of Energy. The site is conveniently located near retail stores, restaurants, grocery and drug stores, schools, community parks, and is adjacent to the local YMCA that offers child care, recreational programs and fitness services. Saddlebrook Court is also located within minutes from Interstates 80 and 287.
“Saddlebrook Court creates safe, decent, and affordable housing in close proximity to social amenities and jobs in Morris 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.”
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.
MBI Development Company, Inc., which developed Saddlebrook Court, is a development entity of Ingerman that has developed and managed over 2,700 affordable units in New Jersey. Ingerman helps ensure that all residents have an opportunity to reach self-sufficiency by providing them with the necessary supportive services that will sustain their progress along the path toward their goals.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.njhousing.gov.