May 27, 2014 Christie Administration Marks Groundbreaking of the Apartments at the Mill in the City of Burlington
Christie Administration Marks Groundbreaking of the Apartments at the Mill in the City of Burlington
Former Knitting Mill Site to Provide 65 Units of Green Affordable Housing, Five for Individuals with Special Needs
BURLINGTON CITY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined local officials and The Ingerman Group to celebrate the groundbreaking of the Apartments at the Mill, a 65-unit affordable housing community in Burlington City. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided the project with $1.7 million in permanent financing and awarded federal Low Income Housing Tax Credits (LIHTC), which generated approximately $12.1 million in private equity.
“The Apartments at the Mill will provide much needed housing opportunities for hard-working families in Burlington County,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “The federal Low Income Housing Tax Credit Program that HMFA administers in New Jersey is one of the most successful and efficient housing programs that developers can utilize to build quality affordable housing.”
The project, with approximately $14.9 million in total development costs, will not only provide affordable housing opportunities for New Jersey families, but will continue to have a positive economic impact on the Burlington County community. HMFA estimates that the project will generate approximately $23.6 million in one-time economic output, and create approximately 141 full-time jobs during construction. Upon completion, the project will continue to add value to the community by providing more than $2.6 million in ongoing economic output and approximately 15 full-time jobs annually. Other funding sources for the development of the Apartments at the Mill include Wells Fargo and Burlington County HOME funds.
The Apartments at the Mill will consist of five newly-constructed multi-family buildings containing 54 residential units. An abandoned warehouse will be converted into a community center, offices for leasing and social services, and 11 residential units. An on-site social services coordinator will provide supportive services to five units that are set aside for individuals with special needs, and organize and monitor programs offered to the entire community.
The 2.4-acre development project, developed and managed by Ingerman, will be highly energy efficient, in compliance with the EPA ENERGY STAR Tier 1 requirements, and the State of New Jersey’s own green building program Green Future.
“This project truly represents HMFA’s mission of providing safe, decent, and affordable housing with great access to quality schools, public transportation, jobs and shops in Burlington County,” said HMFA Executive Director Marchetta. “Projects like this revitalize underutilized sites, while attracting further redevelopment and economic development into the area.”
One hundred percent of the project units will be affordable, with five units available to households with incomes at or below 20% of the Area Median Income (AMI) and reserved for individuals with special needs, 2 units at or below 30% AMI, 26 units at or below 47.5% AMI, and 32 units at or below 57.5% AMI.
Annually, states are allocated Low Income Housing Tax Credits by the federal government on a per-capita basis. HMFA, as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the state. Ingerman Group was awarded the very competitive 9% tax credits in the June 2013 family cycle. The tax credits provided more than 81% of the funding for the development of the Apartments at the Mill.
For more information on HMFA programs, please visit www.njhousing.gov.