HMFA Provides Tax Credit Funding for 53-Unit Apartment Building
NEW BRUNSWICK, N.J. – November 22, 2010 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials to dedicate 55 Harvey at Providence Square, a 53-unit affordable senior housing community located in New Brunswick’s Transit Village area. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), helped finance the project by providing $7.4 million in federal tax credit funds toward development costs.
“55 Harvey at Providence Square is a shining example of a true public-private partnership between local and state governments and private developers to create affordable homes for our senior citizens,” said DCA Commissioner Lori Grifa, who is Chair of the HMFA. “It is a testament to everyone involved, during this time of scarce financial resources and economic uncertainty, that seniors in the New Brunswick community now have access to excellent housing and supportive services to enjoy.”
The new senior housing community is a four-story building that includes 53 one-bedroom apartments serving tenants at or below 50 percent of area median income. Each apartment is equipped with a full kitchen, living and dining area, and full bath. The building is outfitted with elevators, an enhanced security system, and sustainable technologies such as Energy Star appliances and solar PV panels situated on the roof. 55 Harvey at Providence Square is adjacent to the existing 98-unit Providence Square Senior facility. Both buildings are located within New Brunswick’s designated Transit Village and are in close proximity to Robert Wood Johnson Hospital, Rutgers University, and other amenities in downtown New Brunswick.
“55 Harvey at Providence Square truly carries out the mission that is shared by all of the stakeholders gathered here today, which is to provide flexible, affordable housing opportunities for senior citizens on low, fixed incomes,” said HMFA Executive Director Anthony L. Marchetta. “I am pleased that HMFA played a role in getting this project off the ground. It truly advances our laudable goal of making affordable housing a reality for more and more residents of the State.”
The project was developed by Pennrose Properties, a Philadelphia-based real estate developer and property manager, in partnership with the New Brunswick Housing and Redevelopment Authority.
The HMFA provided $3.7 million in Tax Credit Assistance Program (TCAP) funds and $3.7 million in Tax Credit Exchange (TCX) to 55 Harvey at Providence Square. The Agency is the administrator of federal tax credit programs for New Jersey. TCAP and TCX credits, which are being provided through the federal American Reinvestment and Recovery Act of 2009, are designed to activate affordable housing construction stalled by the economic downturn.
For more information on tax credits and all HMFA programs, please log on to www.nj-hmfa.com.
Contact:
Hollie Gilroy
Lisa Ryan, Office of Communications
(609) 292-6055
