90-unit affordable rental apartment community for workforce families in downtown Atlantic City officially opens.
ATLANTIC CITY, N.J. – June 17, 2016 – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined local officials and community leaders to celebrate the grand opening of The Meadows, an affordable rental community for workforce families in Atlantic County. Developers on the project are Atlantic City Housing Authority, Urban Redevelopment Agency and Conifer Realty, LLC. The community is located just blocks from the beach and boardwalk, at 900 Mediterranean Avenue, on the corners of North Maryland Avenue and Mediterranean Avenue.
The HMFA, an affiliate of the Department of Community Affairs (DCA), awarded the affordable housing project 4% Low Income Housing Tax Credits (LIHTC) which is expected to generate more than $9.9 million in private equity and $14.6 million in construction and permanent financing. Additionally, the affordable apartment enclave was awarded more than $5.7 million in federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm.
“Families throughout Atlantic County will now enjoy a choice of 90 brand new affordably priced rental apartments at The Meadows. This community is a prime example of our ongoing efforts to help replenish housing stock lost to Superstorm Sandy across nine of the state’s hardest hit counties,” said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA.
The 80,000-square-foot Meadows community offers workforce families a choice of spacious one, two and three bedroom flats and two and three bedroom townhomes with modern amenities and on-site management and maintenance.
“We are very pleased to be able to provide the financing for this newest affordable rental community for families in Atlantic County. This is a seashore resort area where typical rental home costs can easily spiral out of reach for working families,” points out HMFA Executive Director Marchetta. “The Meadows provides an affordable answer for these families and the community’s convenient, downtown Atlantic City location offers added advantages for those who enjoy the walkability aspect of this famous resort.”
All apartments feature fully equipped kitchens with Energy Star rated appliances and fixtures, including dishwasher and garbage disposal. Plenty of closet space is provided in all floor plans and patio/porches are available. Amenities include a community garden, fully equipped fitness room, computer lab and ample parking. Professional on-site management and 24-hour maintenance are also included.
Residents of The Meadows are within walking distance of restaurants, the Tanger Outlets, various public transportation routes and the Atlantic City Casino District. Furthermore, the Atlantic City Expressway, Route 30 and Route 40 – all of which provide access to various New Jersey and City of Philadelphia points — are all located one mile from the site. The Meadows is also close to schools, shopping centers, parks, churches and medical facilities.
Priority for residency was given to Sandy-impacted individuals during the first 90 days of lease-up at the affordable apartment complex. The 90-day priority period ended May 1, 2016, and The Meadows is 100% occupied. Currently there is one Sandy-impacted resident living there. Individuals who are interested in learning more about the project and its rental units may call (856) 662-1730.
The nearly $28 million total development cost of this community will provide affordable housing opportunities for workforce families and will continue to have a positive economic impact on the Atlantic County community. HMFA estimates that The Meadows has generated more than $44 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 265 direct and indirect/induced full-time equivalent jobs, and more than $1.6 million in state and local taxes. Now complete, the project continues to add value to the community by providing approximately $4.9 million in ongoing economic output, 28 direct and indirect/induced full-time equivalent jobs, and $278,200 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.
For more information on HMFA programs, please visit www.njhousing.gov.
Conifer is a nationally ranked, full-service real estate company that develops, constructs, owns and manages high-quality, affordable housing communities. Since its inception, Conifer has developed and/or acquired over 260 properties and over 19,400 units. Currently, we own and manage over 14,600 apartment units throughout New York, New Jersey, Pennsylvania, Maryland and Ohio.