Christie Administration Marks Grand Opening of 40-Unit Affordable Housing Complex in Camden

Project to Provide 10 Supportive Housing Opportunities for Homeless and Disabled Military Veterans

CAMDEN, N.J. – March 19, 2012 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined Camden Mayor Dana Redd, Camden County freeholders, and other local officials to celebrate the grand opening of Meadows at Pyne Poynt, an affordable housing community that will set aside some units for homeless and disabled veterans. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided financing for this project through the Special Needs Housing Trust Fund and an allocation of federal Low Income Housing Tax Credits. Additional funding came from the DCA’s State Rental Assistance Program.

“In this current economic climate, the DCA and HMFA are excited to help support this worthwhile affordable housing project,” said DCA Acting Commissioner Richard E. Constable, III, who is Chair of the HMFA. “The men and women who helped develop Meadows at Pyne Poynt should be proud of the initiative and the permanent housing it has provided the area’s military veterans.”

The three-story, newly constructed Meadows at Pyne Poynt features 40 affordable units of which 10 will provide housing opportunities for homeless and disabled veterans. All units are affordable to households at or below 50 percent of Camden County median income. The rents for the 10 units set aside for veterans will be provided through State Rental Assistance Program vouchers from DCA. Amenities include hardwood floors in the living rooms, ceramic tile baths, wall-to-wall carpeting, air conditioning and a full appliance package for the kitchen. The ten units designated as supportive housing units for veterans are fully furnished.

“Unfortunately, many of the homeless in our communities are military veterans who have fought for our country only to find no one fighting for them and their needs. This project will help some of our veterans move into safe, affordable housing befitting their service,” said HMFA Executive Director Marchetta. “We thank everyone who was involved in making the Meadows at Pyne Pyont the success that it is.”

For the development of this project, the HMFA provided a combination of funding that included $1 million in construction and permanent financing through the Special Needs Housing Trust Fund and an allocation of tax credits that generated $9.2 million in private equity through the federal Low Income Housing Tax Credit program. Funding was also provided from the Federal Home Loan Bank of New York Affordable Housing Program, JP Morgan Chase, and the City of Camden through their Neighborhood Stabilization Program II Funds.

The Special Needs Housing Trust Fund is administered by the HMFA and provides capital financing to create permanent supportive housing and community residences for individuals with special needs. The purpose of the fund is to develop special needs housing and residential opportunities as alternatives to institutionalization or homelessness for those who would benefit from these programs and to ensure the long-term viability of such housing.

The DCA’s State Rental Assistance Program provides rental assistance grants to elderly and disabled people who were either living in sub-standard housing units or were severely cost-burdened, paying over 50 percent of their limited income on housing costs. It also helps formerly homeless individuals who were either living on the streets, in emergency shelters, or in transitional housing facilities.

The Ingerman Group, an award-winning affordable housing developer in the Mid-Atlantic region teamed up with local non-profit Respond, Inc. to produce this project. Respond, Inc. has a strong track record in providing homeless and social services in North Camden since 1967. The support services plan will include transition support, case management, peer support and leadership, and employment services. The service plan also includes coordination with community-based resources and plans to operate transportation services to assist residents with access to needed medical services and community resources.

For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj-hmfa.com.

For more information on the State Rental Assistance Program, please log on to www.nj.gov/dca/divisions/dhcr/offices/srap.html on the DCA website.

Contact:
Hollie Gilroy
Lisa Ryan
(609) 292-6055