FOR IMMEDIATE RELEASE: Tuesday, October 27, 2015

 


 Connecticut and Carolina Crescent Provides 89 Units of Affordable Rental Housing for Families

Atlantic City, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined elected state and local officials, community leaders and representatives of Community Investment Strategies, Inc. yesterday to celebrate the grand opening of Connecticut and Carolina Crescent, an 89-unit affordable rental community of two- and three-bedroom townhouse-style apartments for working families in Atlantic City.

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project approximately $5.1 million in federal Sandy Recovery funds through the Fund for Restoration of Multifamily Housing (FRM), which enables developers to secure zero-interest and low-interest loans to finance affordable housing developments in the nine counties the federal government determined were most affected by the storm. HMFA also awarded the project the extremely competitive 9% federal Low Income Housing Tax Credits, which will generate a total of approximately $14.3 million in private equity.

"Connecticut and Carolina Crescent provides quality affordable housing for working families, including those affected by Sandy, in a prime location close to public transportation, stores, parks and other amenities," said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. "Projects like this help meet the high demand for affordable family rental units in New Jersey while revitalizing neighborhoods with minimal impact to the surrounding environment and open space."

The project involved the redevelopment of nearly three acres of land contributed by the Casino Reinvestment Development Authority into an affordable apartment community of 39 two-bedroom units and 50 three-bedroom units. Each apartment includes heating and air conditioning, ENERGY STAR kitchen appliances, carpeting, and window blinds. The project also features onsite parking, an onsite management office, and a community clubhouse. Tenants range from low-income households earning less than 50 percent of area median income (AMI) to moderate-income households earning 50 percent to 80 percent of AMI.

"Connecticut and Carolina Crescent’s centralized location has appealed to the area’s primarily young working population, which has resulted in a very positive response to this quality affordable housing development," said HMFA Executive Director Marchetta. "HMFA is proud to have provided the capital financing that enabled the development of this worthwhile project."

The project, which cost approximately $20.3 million to develop, not only provides affordable rental units for working families but will have a continued positive economic impact on Atlantic City and greater Atlantic County. HMFA estimates that the project has generated approximately $32 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 190 direct and indirect/induced full-time equivalent jobs and provided approximately $1.2 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $3.5 million in ongoing economic output, 20 direct and indirect/induced full-time equivalent jobs, and approximately $203,000 in state and local taxes annually.

These economic impact 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.

Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at www.njhrc.gov and clicking on "Priority Housing for Sandy-Impacted Residents." The free database includes such information as where projects are located, the total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and the date applications are being accepted. New information is added regularly as it becomes available.

For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400 or visit www.njhousing.gov.