Construction Begins on Camden Affordable Housing Project
The New Jersey Housing and Mortgage Finance Agency awarded the $20.5-million development 9% Low Income Housing Tax Credits, which are expected to generate $15.9 million in private equity.
CAMDEN, NJ—The first dirt was turned earlier this week on Branch Village Townhomes II, the third phase of the Branch Village comprehensive revitalization of the former Clement T. Branch Village here.
The new project will include 11 new two and three-story buildings housing one- to three-bedroom apartments for residents earning up to 80 percent of area median income (AMI). Five apartments will be set aside for homeless individuals.
The New Jersey Housing and Mortgage Finance Agency awarded the $20.5-million development 9% Low Income Housing Tax Credits, which are expected to generate $15.9 million in private equity.
The Michaels Organization of Camden and the Housing Authority of the City of Camden worked to relocate all of the residents who can opt to return to the new townhomes once completed.
The first phase of the redevelopment, financed in part by NJHMFA, opened in December 2017 with 50 affordable one- to two-bedroom rental apartments in a mid-rise building. A groundbreaking for 72 affordable townhomes for families earning up to 60%. AMI took place in November 2018 and will also include five apartments for homeless individuals. Work on that phase is expected to be completed in December. Plans are underway for a final phase which will provide 58 affordable apartments for seniors, NJHMFA officials state.
Construction on the new townhomes is anticipated to be complete by December 2020. Rents are expected to range from $824 for a one-bedroom apartment to $994 for a two-bedroom apartment and $1,234 for a three-bedroom apartment. Each apartment will include a washer and dryer, and the existing community building will be expanded to include a full-service kitchen and dining area.