FOR IMMEDIATE RELEASE: Wednesday, November 18, 2015

 


 Statewide Projects Include 1,655 Designated Affordable Housing Units 

Trenton, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today announced the award of $31.9 million in federal Low Income Housing Tax Credits (LIHTCs), which will generate $319 million in investment capital to build more than 1,700 rental units across New Jersey.

These tax credits will support the creation of 25 affordable rental housing projects with a total development cost of nearly $430 million.  Of the total 1,749 planned units, 969 units will be affordable for families earning below 60% of the Area Median Income, 444 units will be affordable for seniors, and 242 will be affordable for individuals with special needs.  The units must be reserved for low-income households for a period of 30 to 45 years.

"The 9% federal Low Income Housing Tax Credits supports development in desirable neighborhoods with quality educational systems and access to employment opportunities," said New Jersey Department of Community Affairs Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. "These funds provide housing opportunities that will greatly impact and benefit the lives of New Jersey’s hardworking families, seniors and individuals with special needs."

HMFA estimates that these awards will generate approximately $679 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, these projects will generate more than 4,000 full-time jobs and approximately $25 million in state and local taxes. Once completed, the developments will support approximately $76 million in economic output, 430 full-time jobs, and approximately $4.3 million in state and local taxes annually.

"We are proud of the many new affordable housing opportunities that will become available for the residents of New Jersey as a result of these awards," said Executive Director Marchetta.

Federal LIHTCs are awarded to developers planning to build new rental apartments or rehabilitate existing units for low-income households. Typically, the tax credits are sold to investors, who provide private equity to fund construction. In return, the investors receive a dollar for dollar reduction on their federal tax returns for a period of ten years. 

The LIHTC program is the most successful federal affordable housing production program to date. Since the program’s inception in 1986, New Jersey has allocated over $450 million in LIHTCs and created more than 45,000 affordable units.

No direct funding comes from the State Treasury for this program. Please see charts below and attached for additional information.

For more information on HMFA programs, please call 609-278-7400 or visit www.nj-hmfa.com.

 

AWARD TOTALS BY FUNDING CYCLES
(FAMILY, SENIOR, SUPPORTIVE HOUSING, AND MIXED-INCOME):

CYCLE

# OF PROJECTS

TOTAL UNITS

LIHTC UNITS

ANNUAL TAX CREDIT RESERVATON

TAX CREDIT EQUITY

TOTAL DEVELOPMENT COSTS

FAMILY

14

1,000

969

$19,571,775

$196,070,877 $251,359,032

SENIOR

7

483

479

$8,160,672

$81,442,984

$109,472,804

SUPPORTIVE HOUSING

3

138

137

$2,690,957

$26,788,598

$35,755,258

MIXED INCOME

1

128

70

$1,541,088

$15,438,116

$33,281,885

TOTALS

25

1,749

1,655

$31,964,492

$319,740,575

$429,868,979

 

FAMILY CYCLE AWARDS:

PROJECT NAME SPONSOR COUNTY MUNI UNITS

Parker’s View

Community Investment Strageties

Union

Elizabeth

60  

Flemington Junction Apts.

Ingerman Development

Hunterdon

Flemington

84

Westampton Apts.

Ingerman Development

Burlington

Westampton

72

Jacob’s Landing

Ingerman Development

Middlesex

Woodbridge

96

Mullica West Phase II

Rukenstein & Associates

Gloucester

Mullica Hill

48

City Center

RPM Development

Atlantic Pleasantville 73

Dr. Lena Francis Edwards

Genesis Companies Hudson Jersey City 64

Ethel Lawrence III & Connell

Fair Share/ Walters Group

Burlington

Mount Laurel

60

Woolwich Family Housing

Conifer/ Center for Family Services

Gloucester

Woolwich 80

Rahway Residences for the Arts

Ingerman Development Union Rahway 58
Clifton Main Mews Regan Development Passaic Clifton 51

Cornerstone at Delanco

Walters Group Burlington Delanco 64
Camp Salute Conifer/People for People of Gloucester County Gloucester Clayton 76
Hilltop Apartments Urban Builders Collaborative/Kapwood Essex Irvington 114

 

SENIOR CYCLE AWARDS:

PROJECT NAME SPONSOR COUNTY MUNI UNITS

Apollo Dye Phase II

Pennrose Properties

Passaic

Paterson

63  

Dalina Manor

Ingerman Development

Middlesex Woodbridge 57

Bordentown Senior

Volunteers of America, Delaware Valley Burlington Bordentown

70

Pleasantville Senior

RPM Development

Atlantic Pleasantville 65

Roosevelt Hospital

Pennrose Properties

Middlesex Edison 85
Newton Town Center RPM Development Sussex Newton 65
Landis Square Senior Eastern Pacific/Tri-County CAP Cumberland Vineland 78

 

SUPPORTIVE HOUSING CYCLE AWARDS:

PROJECT NAME SPONSOR COUNTY MUNI UNITS

Amwell Commons

RPM Development

Somerset

Hillsborough

54

Freedom Village at Westampton Phase II

Project Freedom Burlington Westampton 24
Symphony Hall Ingerman Development/YMCA of Newark Essex Newark 60

MIXED-INCOME CYCLE AWARDS:

PROJECT NAME SPONSOR COUNTY MUNI UNITS

Harvard Printing

Alpert Group

Essex

Orange

128

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