HMFA Breaks Ground on 90-Unit Affordable Housing Building in Lower Township
Lower Township, NJ – October 19, 2009 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today joined state and local officials to break ground on Conifer Village, a 90-unit affordable housing apartment building located at 3805 Bayshore Road in Lower Township. The HMFA is providing $6.5 million in mortgage and tax credit funding for the project.
“In this current economic climate, the HMFA is excited to help jumpstart this worthwhile affordable housing project,” said HMFA Executive Director Della Vecchia. “The Lower Township community should be proud of Conifer Village and the permanent housing it will provide the area’s senior citizens.”
Conifer Village will be a new three-story building for seniors age 62 and older, featuring 63 one-bedroom units and 27 two-bedroom units, as well as a community room, exercise room, computer room, and lounges. All units will include a full kitchen, living and dining area, a full bath, a bedroom, Energy Star appliances, and an energy-efficient heating and cooling system that meets the Energy Star program requirements. An array of social services will be provided by the Cape May County Department of Aging.
The rents will be affordable to tenants, whose incomes are below 60 percent of area median income.В The proposed gross rent for one-bedroom units will be between $378 and $720 per month. The proposed gross rent for two-bedroom units will be between $453 and $860 per month.
The HMFA approved a mortgage commitment of approximately $1.4 million in permanent financing for the project and is allocating $1.75 million in Low Income Housing Tax Credits (LIHTC). The credits, a dollar for dollar reduction in federal tax liability, act as a catalyst to attract private investment into the affordable housing market. The Agency is also providing $3.4 million in Tax Credit Assistance Program (TCAP) funds that are being provided under the federal American Reinvestment and Recovery Act of 2009.В
As the housing credit agency responsible for administration of the Low Income Housing Tax Credit Program, the HMFA has also been charged with administration of the TCAP Program. The State of New Jersey has received TCAP funding in the amount of $61,243,670. The program assists in closing the funding gap created by the drop in equity pricing and to activate affordable housing construction stalled by the economic downturn. It is also aimed at immediately creating new jobs or saving jobs at risk of being lost due to the economy.В
Approximately 200 construction jobs will be created, in addition to work for supportive services and professionals such as architects, engineers, market analysts and title insurance agencies.
The project is a joint venture between Conifer Realty, LLC, a real estate developer, general contractor and property manager based in Rochester, NY, and Homes for All, Inc, a non-profit affordable housing developer located in Toms River, NJ.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.
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