Statewide Projects Include 1,655 Designated Affordable Housing Units
Trenton, NJ – November 20, 2015 – (RealEstateRama) — 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 visitwww.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 CYCLE AWARDS:
|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:
|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:
|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:
|Harvard Printing||Alpert Group||Essex||Orange||128|
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