FOR IMMEDIATE RELEASE:Thursday, September 28, 2017



TRENTON – The New Jersey Housing and Mortgage Finance Agency (NJHMFA) today announced that over $217 million in funding was awarded to 16 low- and moderate-income housing properties in New Jersey, as well as $380,000 to a special needs development at the agency’s August 28 board meeting. 

“We are dedicated to providing access to safe and affordable housing for those who need it most. It’s deeply satisfying to know that these projects will help fellow New Jerseyans in the very near future,” said NJHMFA’s Executive Director Anthony L. Marchetta. 

Eden Autism Services, Inc., a Princeton-based autism service provider, received $380,000 for renovations and permanent financing for Schenk Place Group Home, their Robbinsville-based group home. Construction is slated to begin this month and finish in January. 

HVPG Developers, Metropolitan Real Estate Developers, and the Diocesan Housing Services Corporation of the Diocese of Camden were jointly awarded $12.8 million in funding to renovate 205 apartments for senior citizens in the Victorian Towers in Cape May. 

West New York Housing Corporation received $12.4 million to rehabilitate 281 family apartments. 

Another 97 apartments will be revamped at Winding Ridge, Neptune, with the award of $15 million in construction and permanent financing, and $16.5 million from the agency’s Fund for Restoration of Multifamily Housing (FRM), a program created after Superstorm Sandy to provide for-profit and nonprofit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in areas impacted by the storm. 

An additional $160.1 million was awarded to various developers and organizations to renovate and modernize another 13 housing projects around the state. 

Funding for the Cape May and West New York projects comes from NJHMFA's Multifamily Conduit Bond Program, which enables the developer to issue bonds through HMFA. 

The low- and moderate-income housing projects have applied for federally funded four percent Low Income Housing Tax Credits (LIHTC). NJHMFA is the sole entity in the state tasked with awarding the tax credits. The LIHTC incentive uses private equity to develop affordable rental housing. Developers then sell these credits to investors to raise capital or equity for their projects, which reduces the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can offer  more affordable rents.  

The Eden Autism Services project was financed through a loan partnership between NJHMFA and the New Jersey Department of Human Services, Division of Developmental Disabilities, to ensure that individuals with developmental disabilities have housing and support services. 

NJHMFA is dedicated to increasing the availability of and accessibility to safe, decent, and affordable housing to families in New Jersey. For more information, visit:


Tammori Petty
Lisa Ryan
(609) 292-6055