March 28, 2014 Christie Administration Marks Groundbreaking of Affordable Rental Housing in Pennsauken Township
Christie Administration Marks Groundbreaking of Affordable Rental Housing in Pennsauken Township
Riverfront Village is Multifamily Development That Provides 75 Units for Working Families and Homeless Veterans
Pennsauken, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined local officials and representatives of Conifer Realty, LLC to celebrate the groundbreaking of Riverfront Village, a 75-unit affordable rental community for working families in Pennsauken Township, Camden County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the redevelopment project federal Low Income Housing Tax Credits that have generated approximately $15.5 million in private equity, and provided over $1.8 million in permanent financing.
“Riverfront Village not only provides quality affordable housing opportunities for low and moderate income families in Camden County, but also creates permanent supportive housing for honorably discharged military veterans who are transitioning out of homelessness,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “Projects like this help meet the demand for affordable rentals in New Jersey while serving hardworking families as well as those with special needs.”
The project involves the revitalization of approximately nine acres of land within the township, including the demolition of a 24,000 square foot former supermarket site, excavation of a large parking lot, and clearing of overgrown vegetation into a premier affordable housing community with a freestanding clubhouse. Among the units, 30 are affordable to individuals at or below 60% of the Area Median Income (AMI), 37 are affordable to individuals at or below 50% AMI, three are affordable to individuals at or below 30% AMI, and five are set aside for homeless veterans at or below 20% AMI. The project developer has partnered with Volunteers of America Delaware Valley to provide the necessary supportive services for these veterans to live independently. A full array of social services for the general residents will be provided by the Center for Family Services.
“The Riverfront Village redevelopment project, which will reposition a vacant and blighted supermarket site, large surface parking lot, and overgrown vegetation into an affordable residential community, will be a social and economic asset to Camden County,” said HMFA Executive Director Marchetta. “We are thrilled to have provided the capital financing that enabled the development of this project, which provides residents with access to safe, decent, affordable housing while contributing to the local and state economy.”
The project, which cost approximately $19.6 million to develop, will not only provide affordable housing opportunities for working families in New Jersey, but will also have a positive economic impact on the greater Camden County community. HMFA estimates that the project will generate approximately $31 million in one-time economic output and approximately 186 full-time jobs during construction. Upon completion, the project will continue to add value to the community by providing approximately $3.5 million in ongoing economic output and 20 full-time jobs annually.
Other funding sources for the development of Riverfront Village include a construction loan from Wells Fargo, Camden County HOME funds, and a municipal contribution from Pennsauken Township.
Upon completion, the project will consist of several walk-up, townhomes over flats, and a clubhouse that includes an exercise room, computer lab, kitchenette, laundry facilities, and a management office. Each apartment will have a full kitchen, full baths, energy efficient heating and cooling systems that meet the Energy Star Homes Program requirements, and Energy Star kitchen appliances. Located immediately adjacent to New Jersey Transit’s River Line, residents will have convenient access to Trenton, Camden, Atlantic City and Philadelphia, among other job hubs. Baldwin’s Elementary and Longfellow Elementary School, as well as various parks, places of worship, potential employment opportunities and township facilities are located within a short walk from the site. Westfield Avenue and North Crescent Boulevard (Route 130) are located a half-mile and one mile, respectively, from the site. Both economic corridors include various establishments for shopping, dining, recreation, entertainment, and employment.
Riverfront Village is part of Pennsauken’s Waterfront Master Plan, a designated Redevelopment Area pursuant to the New Jersey Local Redevelopment and Housing Law.
Annually, states are allocated low-income housing tax credits by the federal government on a per-capita basis. The HMFA, as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $190 million in equity for the development of affordable housing in the State. Riverfront Village at Pennsauken was awarded extremely competitive 9% credits last year. These low-income housing tax credits have provided close to 79 percent of the funding for the project.
The project is being developed by Conifer Realty, LLC, a real estate developer, general contractor and property manager based in Mount Laurel.
For more information on HMFA programs, visit www.njhousing.gov.