Congressman Norcross Announces Funding Grant for Camden Housing Development
Norcross: “This is literally opening new doors and creating life-changing opportunities for constituents in Camden”
Camden, NJ – (RealEstateRama) — Congressman Donald Norcross (NJ-01) today announced a $432,484 Federal Home Loan Bank of New York 2016 Affordable Housing Program (AHP) grant for the construction of the new, low-income Branch Village Midrise residences in the City of Camden.
“This grant award is literally opening new doors and creating life-changing opportunities for constituents in Camden, who will soon have the opportunity to be part of an exciting development that symbolizes a new chapter for the City I call home, and will be home for Camden residents,” said Congressman Donald Norcross (NJ-01).
The Branch Village Midrise project will be comprised of 50 units for very low and low-income households. The project will contain 44 one-bedroom units and 6 two-bedroom units. All units will be subsidized under Section 8 and the Department of Housing and Urban Development Rental Assistance Demonstration Project Based Vouchers.
“I’m elated to receive this incredible news and am happy for our Camden residents. I commend the Federal Home Loan Bank of New York for the award of the AHP grant and am thankful to Congressman Norcross for his advocacy for this critical funding,” said Camden Mayor Dana Redd. “ The development of the Brach Village Midrise is a significant milestone for Camden and a transformational moment in the lives of our residents. It’s the start or a very bright future for so many and the fulfillment of years of a collaborative community planning effort.”
The Branch Village project will include a multi-purpose room, social workers office, manager’s office, nurse’s office, and exam rooms. The sponsor will provide primary health care services, medical screening programs and vaccination services to the residents. Financing for the project will include the New Jersey Housing and Mortgage Finance Agency Tax Exempt Bond Program, Low Income Housing Tax Credits, New Jersey State Tax Credits, the Housing Authority of the City of Camden Replacement Housing Factor Funds and Capital Funds. The AHP subsidy will be used towards the construction costs.
The AHP is a program created by Congress in 1989 through which the Home Loan Bank devotes 10 percent of its annual income to affordable housing projects.
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Congressman Donald Norcross is a member of the House Armed Services Committee and the House Budget Committee, and serves as Assistant Whip in the 114th Congress.
