Governor Phil Murphy • Lt. Governor Sheila Oliver

May 22, 2015 - Christie Administration Breaks Ground on Bordentown Senior Apartments in Bordentown City

FOR IMMEDIATE RELEASE: Monday, May 22, 2015

Christie Administration Breaks Ground on Bordentown Senior Apartments in Bordentown City 

Multifamily Redevelopment Project to Provide 48 Units of Affordable Rental Housing for Senior Citizens, Five Set Aside for Elderly Veterans 

---

Bordentown, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined local officials, and representatives of Mission First Housing Development Group to celebrate the groundbreaking of Bordentown Senior Apartments, a 48-unit senior apartment community in Bordentown City, Burlington County.

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), approved the project for the competitive 9% federal Low Income Housing Tax Credits (LIHTC) of up to $10.3 million over ten years, generating nearly 90% of the total development cost. Additionally, HMFA provided Bordentown Senior Apartments $165,000 in Agency financing.

Bordentown Senior Apartments will cost approximately $11.5 million to develop. Additional funding sources for Bordentown Senior Apartments includes loans from the Burlington County HOME Funds and the Federal Home Loan Bank of Pittsburgh.

"I commend the development team for utilizing the federal Low Income Housing Tax Credit Program to get the financing they need to embark on this project, which is sure to be a community asset in Burlington County," said DCA Acting Commissioner Charles Richman, who also serves as Acting Chairman of the HMFA. ‘Bordentown Senior Apartments is a great example of how federal, state, local, and private enterprises can collaborate to construct high-quality affordable housing for senior citizens living on low, fixed-incomes in New Jersey."

The development will involve the adaptive re-use and rehabilitation of the former Eagle Shirt Company factory into 21 one-bedroom units, joined by the new construction of a three-story building containing 27 one-bedroom units. Five of the total 48 apartment units will be reserved for elderly veterans at or below 20% of the Area Median Income (AMI). The remaining 43 units will be available to seniors 55 and over who are at or below 60% of the AMI.

Careful attention will be paid to maintain, restore, and preserve the historic components of the existing factory building. Building amenities will include a community space accompanied by service and programming, laundry room, and leasing and management offices. Each apartment unit will include ranges, refrigerator, air conditioning, laundry facilities, dishwasher, and carpet. One elevator will service the redeveloped and expanded building.

"This project, in the heart of Bordentown City, will give senior citizens the opportunity to age comfortably in place and maintain a sense of independence," said HMFA Executive Director Marchetta. "Adaptive-reuse projects like Bordentown Senior Apartments serve as a catalyst for advancing economic development and encouraging further redevelopment in New Jersey’s municipalities."

Social services will be provided by Columbus Property Management & Development, Inc. Services will include case management, referrals to community resources such as employment services, educational and life skills training and health care linkages.　　

Annually, states are allocated Low Income Housing Tax Credits by the federal government on a per-capita basis. 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 $180 million in equity for the development of affordable housing in the state. The project developer, Mission First Housing Development Corp. was awarded the very competitive 9% tax credits from the 2013 non-Sandy senior cycle.

For more information on HMFA programs, please visit http://www.njhousing.gov/.