Feb-07-2011 DCA & HMFA Celebrate Grand Opening of Affordable Senior Housing in Cape May County
DCA & HMFA Celebrate Grand Opening of Affordable Senior Housing in Cape May County
Conifer Village Features Quality Housing and Energy Efficient Design
LOWER TOWNSHIP, N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local officials to celebrate the completion of Conifer Village, an affordable senior housing community located at 3805 Bayshore Road in Lower Township, Cape May County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.4 million in permanent financing for the project and also awarded federal tax credits and tax credit subsidies.
"Conifer Village is a shining example of a 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 Greater Cape May community now have access to excellent housing and supportive services."
Conifer Village is a new, three-story building for seniors 62 years of age and older with incomes below 60 percent of area median income. The residence features 63 one-bedroom units and 27 two-bedroom units, as well as a community room, exercise room, computer room, and lounges. All units include a full kitchen, living and dining area, a full bath, a bedroom, Energy Star appliances, and an energy-efficient heating and cooling system. Conifer Village has an 86 kW solar electric system that is designed to reduce the utility costs in common areas by 75%. The senior residence received the New Jersey Energy Star Program Tier II efficiency certification.
"Conifer Village truly carries out the mission that is shared by all of the project's stakeholders, which is to provide flexible, affordable housing opportunities for senior citizens on low, fixed incomes," said HMFA Executive Director Anthony L. Marchetta. "The HMFA is pleased to provide the capital financing that enabled the development of this project and present a better living experience for the residents of the Cape May area."
In addition to capital financing, the HMFA awarded federal Low Income Housing Tax Credits, which will generate approximately $12 million in private equity. The project also received approximately $3.6 million in subsidy from the Tax Credit Assistance Program (TCAP) that was made available to the HMFA through the federal American Recovery and Reinvestment Act of 2009.
HMFA is the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax Credits are a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market. TCAP credits are designed to activate affordable housing construction stalled by the economic downturn.
Over 300 construction jobs were created, in addition to work supplied for supportive and professional services 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 with offices in Mt. Laurel, NJ, and Homes for All, Inc, a non-profit affordable housing developer located in Toms River, NJ.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj-hmfa.com.