X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TRENTON-The New Jersey Department of Community Affairs has awarded a total of $52.3 million in affordable housing funds to support development of that product across the state. Of the total, $15.1 million is from Federal Low Income Housing Tax Credits, and $37.2 million is from Balanced Housing/Home Express funds.

The funding will support the creation of 752 affordable rental units and preservation of 120 units in nine cities, according to DCA Commissioner Joseph Doria Jr. The awards represent 9% federal tax credit allocations from the Spring Cycle of 2008 and are expected to attract $124 million in investment capital.

“Gov. Corzine is committed to providing New Jersey residents with quality affordable housing,” says Doria, in a statement. “These funds will create housing opportunities that greatly impact and benefit the lives of New Jersey’s hardworking families and seniors.”

The combined funding will be used to construct or preserve 12 developments in Camden, Deptford, Jersey City, Newark, Paterson, Salem, Somerdale, Stafford and Vineland. The total development cost for all 12 projects is just more than $217 million, and the recipients include both nonprofit and for-profit developers.

In the program, DCA is cooperating with the New Jersey Housing & Mortgage Finance Agency. As the designated housing finance agency for the State of New Jersey, HMFA is responsible for allocating tax credits to qualified applicants and monitoring those projects for compliance with the Internal Revenue Code. The rental apartments must be reserved for low-income households for a period of 30-45 years. Completion of the developments covered by the latest funding is expected within 12 to 24 months.

Those projects include, in Camden, John O. Parker Jr. Hall, a development for seniors being done by MBI Development Co.; and the mixed-use Market Fair, a combination of historic rehabilitation and new construction being done by RPM Development LLC. Both are local groups.

In Somerdale, the garden-style Gateway Village in being developed by the Camden County Housing Association in conjunction with Community Investment Strategies. In Vineland, Landis Square Senior Apartments, part of the Landis Square West downtown redevelopment and new construction effort is a project of Eastern Pacific Development.

In Newark, projects include Rock Properties’ BAT District Lofts, a mixed-income development in the Central Ward; Brick Towers phase one on Montgomery St., a project of Pennrose Properties; and Help Development Corp.’s Newark Genesis Apartments in the North Ward.

In Deptford, Deptford Family Housing will be a community created by Conifer Realty and Moorestown Ecumenical Neighborhood Development, Inc. In Jersey City, the Fred W. Martin Complex will be a multifamily/supportive housing mixed-use development being done by JP Affordable Housing Inc. In Stafford Twp., the locally based Walters Group is developing Stafford Park Apartments.

In Paterson, locally based Eva’s Village Apartments LP is redeveloping a vacant factory building, tagged Eva’s Village. And in Salem, Whispering Waters phase one is a preservation project that will be part of an existing complex being developed by Ron Rukenstein & Associates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.