HMFA Awards $31.9 Million in Federal Affordable Housing Tax Credits to Create...

HMFA Awards $31.9 Million in Federal Affordable Housing Tax Credits to Create More Than 1,700 Rental Units

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 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

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