October 25, 2011 - DCA & HMFA Celebrate Grand Opening of 58-Unit Affordable Housing Community in Galloway Township
DCA & HMFA Celebrate Grand Opening of 58-Unit Affordable Housing Community in Galloway Township
Seashore Housing Provides Housing Opportunities for Seniors and
People with Developmental Disabilities
GALLOWAY TWP., N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials today to celebrate the completion of Seashore Housing, an affordable housing community located on West Jimmie Leeds Road in Galloway Township, Atlantic County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.2 million in permanent financing for the project from the Special Needs Housing Trust Fund and also awarded federal tax credits and tax credit subsidies. The DCA committed housing vouchers from the State Rental Assistance Program to assist with the project's operations.
"We at the state recognize the importance of helping our special needs citizens, and this has become a key focus of my Department and the Christie Administration," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "Seashore Housing will help improve the quality of life for South Jersey seniors and people with developmental disabilities who are in need of supportive services in their daily lives. It is a wonderful example of how different organizations can partner together to provide supportive, affordable housing for New Jerseyans."
Seashore Housing features a total of 58 one-bedroom apartments of which 15 units are set aside for individuals who are developmentally disabled. Of these 58 apartments, 46 are age-restricted to people 55 and older. The housing units are available to residents with incomes between 57 percent and 20 percent area median income (AMI). Amenities include wall-to-wall carpeting, air conditioning, and kitchen appliances such as stove, refrigerator, and dishwasher. Seashore Housing residents are able to utilize the additional amenities and services on site at the existing Seashore Gardens Living Center. Services available include a cafeteria; medical and nursing areas; social, educational, and recreational spaces; and doctors on site. Seashore Elder Housing, LLC is managing the Seashore Housing community.
"This project is a wonderful addition to Galloway Township as it will provide its senior residents with access to safe, decent, affordable housing," said HMFA Executive Director Anthony L. Marchetta. "The HMFA is pleased to provide the capital financing that enabled the development of this project, which will offer a quality living experience for residents of the Atlantic County area."
In addition to capital financing from the Special Needs Housing Trust Fund, the HMFA awarded the project approximately $4.2 million in subsidy from the Tax Credit Assistance Program (TCAP) and $8 million in subsidy from the Tax Credit Exchange Program (TCX). These funds were made available to HMFA through the American Recovery and Reinvestment Act (ARRA) of 2009. Seashore also received approximately $800,000 in private equity through the syndication of remaining Low Income Housing Tax Credits.
HMFA is also 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 and TCX credits are designed to activate affordable housing construction stalled by the economic downturn.
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.
Seashore Housing was developed by Seashore Elder Housing LLC, which is responsible for the overall operations and outreach services of Seashore Gardens Living Center, a nearby 186-bed continuum of services facility.
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.