Christie Administration Marks Grand Opening of Riverfront Village in Pennsauken Township
PENNSAUKEN, NJ – The 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 grand opening 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 unique redevelopment project federal Low Income Housing Tax Credits (LIHTC) that have generated approximately $15.5 million in private equity, and provided over $1.9 million in permanent financing.
"Riverfront Village offers quality affordable housing opportunities for hard-working families and veterans in the historic municipality of Pennsauken,” said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA board. “I am pleased to see that a once vacant and underutilized site has been transformed into a flourishing transit-oriented community which will be a social and economic asset to Camden County."
The redevelopment project involved the revitalization of approximately nine acres of land within the township, including the demolition of a 24,000 square foot former ACME supermarket site, excavation of a large parking lot, and clearing of overgrown vegetation into a premier affordable housing community with a freestanding clubhouse. Riverfront Village at Pennsauken consists 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 has a full kitchen, full bath, 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 have convenient access to Trenton, Camden, Atlantic City, and Philadelphia, among other job hubs. Riverfront Village is part of Pennsauken’s Waterfront Master Plan, a designated Redevelopment Area pursuant to the NJ Local Redevelopment and Housing Law.
As for the affordability of the units, 100% are affordable to individuals at or below 60% of the Area Median Income (AMI), with 8 units set aside for individuals at or below 30% AMI, and 37 of the units available to individuals at or below 50% AMI. Five of the affordable units are set aside for homeless veterans earning at or below 30% of AMI. The project developer Conifer Realty, LLC, partnered with the Volunteers of America Delaware Valley to provide the necessary supportive services for these veterans to live independently.
“The Riverfront Village redevelopment fulfills HMFA’s mission to promote construction and rehabilitation of rental housing, advance the growth and development of municipalities, and contribute the quality of life of older adults, the disabled, and those with special housing needs,” said HMFA Executive Director Marchetta. “We are so proud 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 $19.4 million to develop, not only provides affordable housing opportunities for working families and homeless veterans in New Jersey, but also has a positive economic impact on the greater Camden County community.
HMFA estimates that the project has generated approximately $30.7 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 184 direct and indirect/induced full-time equivalent jobs, and approximately $1.1 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $3.4 million in ongoing economic output, 19 direct and indirect/induced full-time equivalent jobs, and approximately $194,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
Other funding sources for the development of the Riverfront Village include a construction loan from Wells Fargo, Camden County HOME funds, and a municipal contribution from Pennsauken Township.
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 $190 million in equity for the development of affordable housing in the State. Riverfront Village at Pennsauken was awarded the extremely competitive 9% LIHTCs from the 2013 non-Sandy Family Cycle that provided close to 79 percent of the funding.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov