FOR IMMEDIATE RELEASE: Friday, June 26, 2015


 WINSLOW TOWNSHIP, NJ

The New Jersey Housing and Mortgage Finance Agency (HMFA) and New Jersey Redevelopment Authority (NJRA), affiliates of the NJ Department of Community Affairs, recently joined local officials, Eastern Pacific Development, LLC, CCUM Baptist Church, and Vanguard Realty to celebrate the grand opening of Winslow Cross Creek, a 49-unit affordable rental community in Winslow Township, Camden County, for working families. The NJRA, through it’s through its former Predevelopment Loan Fund, provided $250,000 for predevelopment expenses associated with the development of the project. The HMFA approved the project for the competitive 9% federal Low Income Housing Tax Credits (LIHTC) of up to $10.3 million over ten years.

"This development demonstrates that we are committed to meeting the high demand for affordable rentals in Camden County," said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA and NJRA boards. "Winslow Cross Creek is an excellent example of how state and federal resources can be used to create quality housing opportunities for working families and individuals with special needs."

Winslow Cross Creek is the first phase of a multi-phased master planned community to be completed, consisting of 49 two- to four-bedroom townhouse-style units in eight two-story buildings. Five of the units are set-aside for individuals with special needs. Social services will be provided to these individuals by the Collaborative Support Programs of New Jersey, Inc. (CSP), which will include providing community and social service linkages to residents upon request or as needed, mental health and physical counseling, vocational and employment assistance, general health and dental services, income support and benefits, and substance abuse treatment. All units include a range, refrigerator, dishwasher and disposal, washer and dryer hookups, central HVAC and hot water, carpet, vinyl flooring, and laminate countertops. The common areas will include a clubhouse, barbeque and family areas. Eastern Pacific Development, LLC, is the project developer, and Vanguard Realty will be the management company. Upon completion of all six phases, Winslow Cross Creek will provide a total of over 340 units on approximately 37 acres of land. The next construction phase containing 45 units will be completed this summer and all 94 units have been leased.Eastern Pacific Development, LLC, was awarded the 9% tax credits from the May 2012 Tax Credit Round, which provided approximately 75% of the funding for the development of Winslow Cross Creek.

Yearly, states are allocated low-income housing tax credits by the federal government on a per-capita basis. HMFA as the administrator of the federal LIHTC 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.

"Winslow Cross Creek truly represents HMFA’s mission to provide safe, decent, and affordable housing with great access to retail, quality schools, public transportation, and jobs in Camden County," said HMFA Executive Director Marchetta. "We are proud to have provided the capital financing necessary to bring this project to fruition."

The NJRA provides financial and technical resources to support urban redevelopment initiatives throughout the State. For the Winslow Cross Creek project, predevelopment financing was used for appraisals, site planning, preliminary site engineering, legal costs, schematic architecture and a Wetlands Study for the second of this three-phase project. 

"We are excited to finally see the completion of Winslow Cross Creek which has come full circle from the NJRA’s financial commitment in the very early stages of the project," said Leslie A. Anderson, NJRA Executive Director. "It is very gratifying to know that these units will positively impact the Winslow Township community."

All units are affordable to households earning 60% or less than the Area Median Income (AMI), with the five set aside units available to individuals with special needs at $250 per month. These tenants pay 30% of their income toward rent, and in the event that this is less than the $250 rent, CSP will provide the difference. The net monthly rents range from $250 to $929 for the two-bedroom units, $250 to $1,067 for the three-bedroom units, and $1,168 for the four-bedrooms.

The project, which cost approximately $12.5 million to develop, will not only provide affordable housing opportunities for New Jersey families, but also have a positive economic impact on the greater Camden County community.

HMFA estimates that the project has generated approximately $19.9 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues.

During construction, the project supported approximately 119 direct and indirect/induced full-time equivalent jobs, and about $726,000 in state and local taxes.

Now completed, the project will continue to add value to the community by providing over $2.2 million in on-going economic output, 12.5 direct and indirect/induced full-time equivalent jobs, and $125,000 in state and local taxes annually.

Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled "Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing," conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.

Other funding sources for the development of Winslow Cross Creek included the Sponsor’s Land Equity Contribution, and a deferred developer fee.

For more information on NJRA programs, visit

http://www.njra.us/

For more information on HMFA programs, please call 1-800 NJHOUSE or (609) 278-7400, or log on to

http://www.njhousing.gov/

 

CONTACT:
Tammori Petty or
Emike Omogbai
(609) 292-6055