Jan-11-2011 DCA & HMFA Help Dedicate Living Springs Senior Community in Delanco
DCA & HMFA Help Dedicate
Living Springs Senior Community in Delanco
Agencies Provide Mortgage and Tax Credit Funding for Affordable Senior Apartments
DELANCO, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials to celebrate the completion of Living Springs, an affordable senior apartment community in Delanco, Burlington County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.5 million in permanent financing in addition to awarding Living Springs with federal Low Income Housing Tax Credits, which will generate approximately $13.7 million in private equity. The project also received $5.6 million in subsidy from the federal Tax Credit Assistance Program that was made available to the HMFA through the American Recovery and Reinvestment Act of 2009.
"This project is a wonderful addition to Delanco as it will provide its senior residents with access to safe, decent, affordable housing," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "My sincere congratulations go out to the development team, which successfully transformed its vision into a premier community."
The newly constructed building includes 100 one-bedroom apartments for seniors of which 95 will be available to households earning 57 percent or less of area median income. The remaining five apartments will be rented at market rates. Residents have access to common amenities such as laundry facilities, an exercise room, library, a community room equipped with a kitchen, and ample parking. The campus is situated in a park setting with walking trails and a manmade lake.
The project was developed by Abundant Life Fellowship Church and The Michaels Organization. Abundant Life Fellowship is a non-denomination Christian Church in Edgewater. The Michaels Organization is a real estate firm based in Marlton, NJ, that specializes in the development and management of quality, affordable housing communities.
"Living Springs 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. "This project is a wonderful example of the good that can come out of public-private partnerships."
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj-hmfa.com.