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Posted by David Casson (68.36.82.35) on September 21, 2002 at 23:26:22:

For Immediate Release:
September 17, 2002

For Further Information, Contact:
E.J. Miranda (609) 292-6055

Commissioner Susan Bass Levin Announces
Funds To Build 986 Units Of Affordable Housing


Community Affairs Commissioner Susan Bass Levin and Housing and Mortgage Finance Agency (HMFA) Executive Director Sean Closkey today announced the award of $12.3 million in federal Low Income Housing Tax Credits and $9.4 million in DCA Balanced Housing funds to construct or rehabilitate 986 affordable rental-housing units in 15 communities throughout New Jersey (See charts below.)

The Department of Community Affairs (DCA) Neighborhood Preservation Balanced Housing Program awarded $ 9.4 million and the New Jersey Housing and Mortgage Finance Agency (HMFA) reserved Federal Low Income Housing Tax Credits (LIHTC) in the amount of $12.3 million that will attract $103 million in investment capital. The HMFA also provided an additional $7.6 million in gap financing.


The combined funding will provide for 16 new housing developments in Brick, Bridgeton (2), Elizabeth, Jersey City, Maple Shade, Medford, Mount Laurel, Newark, Orange, Paterson, Salem, Somerville, Tinton Falls, Trenton, and Union City.

"These investments represent jobs and housing opportunities that will make a difference in the lives of thousands of people and an investment in the future vitality of many of our municipalities," said Commissioner Levin. "These are tough economic times, but we are committed to providing quality affordable housing as the foundation to improve our communities."

"There was heavy competition for the Balanced Housing and Tax Credit awards," said HMFA executive director Sean Closkey. "Both nonprofit and for-profit developers throughout the state were chosen to help provide housing opportunities for seniors, families and people with special needs. In order to attract additional federal HOPE VI funds, tax credits were set-aside and prioritized for such HOPE VI projects resulting in the construction of 350 town-home style units in Bridgeton, Elizabeth and Jersey City."


The joint cooperation of DCA's and HMFA's financing programs represents an improved efficiency in providing funding to meet the affordable housing needs in New Jersey.


LIHTC are awarded to developers planning to build new rental apartments or rehabilitate existing units for low-income households. Recipients become eligible to write off a percentage of their personal or corporate income on federal tax returns for a period of 10 years. The rental apartments must be reserved for low-income households for a period of 30-45 years. Construction completion for the developments is expected within 12 - 24 months.


States are allocated low-income housing tax credits by the federal government on an annual per-capita basis. As the designated housing finance agency for the state of New Jersey, HMFA is responsible for the allocation of tax credits to qualified applicants and the monitoring of those projects for compliance with Internal Revenue Codes.


New Jersey HMFA provides the annual allocation of tax credits and the annual monitoring of tax-credit units.


The DCA Neighborhood Preservation Balanced Housing Program is funded through a portion of the New Jersey Realty Transfer Tax receipts.


No direct funding comes from the State Treasury for these programs.

CHART I: Project Description by County


BURLINGTON COUNTY
Maple Shade: Maple Shade Housing is a 99-unit senior citizen housing project. The project is located at North Fork Landing Road and Front Street in Maple Shade and is being developed by Pennrose Properties. The development is located in the heart of downtown Maple Shade and the project will include medical examination room and arrangements will be made with local hospitals and/or doctors to provide services on site.


Medford: Medford Commons is a 59-unit family project. The project is located at Route 70 and Eayrestown Road in Medford and is being developed by Ingerman Affordable Housing. The development will provide a community building with a social services suite. The site will also provide a tot lot and a small pocket park.


Mt. Laurel: Ethel Lawrence Homes is a 40-unit family project. This is the second phase of a total housing development consisting of 140 units of multi-family rental townhouse units. The first phase has been completed. Phase II is located at 400 Equality Court in Mt. Laurel and is being developed by Fair Share Housing Development. The project offers a wide array of services including a 1.8-acre outdoor recreation area.


CUMBERLAND COUNTY
Bridgeton: The Bridgeton HOPE VI project is a 113-unit family project. The project is located on North Laurel Street, Walnut, Banks and Siebel Streets in Bridgeton and is being developed by Ingerman Affordable Housing. Bridgeton has the largest historic district in the state and the new residences will reflect the feel and character of the larger community.


Bridgeton: The RiverWalk Senior Apartments is a 78-unit senior citizen housing project. The project is located on Broad and Atlantic Streets in Bridgeton and is being developed by R.H. Tourtelot Company. This project offers many amenities to the seniors, including a well-care program, a spa, and a picnic area.


ESSEX COUNTY
Newark: Villa Esperanza is a 43-unit family project. The project is located on Shepard Avenue and Osborne Avenue in Newark and is being developed by M&M Developers. The project is the substantial rehabilitation of abandoned buildings and when completed, will include gated entrances into a community garden and community space for social services.

Orange: Millenium Homes is a 38-unit family project. The project is located at 248 and 312 North Day Street in Orange and is being developed by RPM Development. The complex will provide social services amenities to the residences such as job counseling, health screening and budgeting and bill paying assistance.


HUDSON COUNTY
Jersey City: Woodward Homes is a 69-unit family project. The project is located on Woodward Street in Jersey City and is being developed by Michaels Development. This project is Phase II of the Lafayette Gardens HOPE VI Housing Development Plan and will include a community center, where a variety of social service programs will be available to the residents. The project will also offer a computer learning center.


Union City: WestView Apartments is a 36-unit family project. The project is located on 32nd and 38th Streets in Union City and is being developed by D.T. Allen. The project offers a wide array of amenities including a community room, as well as a comprehensive array of supportive services.


MERCER COUNTY
Trenton: Trenton Waterworks is a 22-unit family project. The project is located at Sweets Avenue and Calhoun Street in Trenton and is being developed by Hersh/Lauren LLC. Tenants will have access to the local YMCA and medical services through the City of Trenton, as well as a variety of services being provided by Catholic Charities.


MONMOUTH COUNTY
Tinton Falls: The Pines at Tinton Falls is a 94-unit senior citizen project. The project is located at Pine Street in Tinton Falls and is being developed by the Richman Group of NJ. This new residence will be a complement of social activity and supportive services designed to meet the needs of the residents.


OCEAN COUNTY
Brick: The Brick Special Needs project is a 36-unit project serving the developmentally disabled. The project is located on State Highway 70 in Brick and is being developed by Costanza/Carroll/Bancroft. This independent apartment residence is specifically intended for adults with special needs, brain injuries and developmental disabilities and will have a full array of personal and social services suited to meet the needs of each individual.

PASSAIC COUNTY
Paterson: The Rogers Millwright Apartments is a 33-unit family project. The project is located at 34-50 Spruce Street in Paterson and is being developed by Paterson Coalition for Housing, Inc. The project is a conversion of the historic Rogers Millwright building, which will continue the process in the City of Paterson of improving the Great Falls Historic District, a National Landmark.


SALEM COUNTY
Salem: Salem Historic II project is a 40-unit family project. The project is located on Carpenter, Thompson and Hedge Streets in the City of Salem and is being developed by Pennrose Properties. Project amenities include a playground and a community building.


SOMERSET COUNTY
Somerset: The Somerset County Supportive Housing is a 18-unit project serving homeless adults with special needs. The project is located at 35 Somerset Street in Somerville and is being developed by Pennrose Properties. The project is one block from Main Street, and is within walking distance of local shopping, recreation and supportive services.


UNION COUNTY
Elizabeth: Portside II is a 168-unit family project. The project is located on Pine Street to Magnolia Avenue and First Street to Second Street in Elizabeth and is being developed by Community Investment Strategies. This project is the continuation of the Elizabeth HOPE VI Revitalization Plan, which is a comprehensive plan designed to replace older public housing units with newer, modern units better designed for today's families.

CHART II: FUNDING SOURCES
Department of Community Affairs - Balanced Housing Awards and
New Jersey Housing and Mortgage Finance Agency -
Low Income Housing Tax Credits Awards 2002

Municipality
Development
Developer
#
Units
Population
Served
DCA Balanced Housing Award
HMFA Low Income Housing Tax Credit (Syndicated Value)
New Jersey HMFA Gap Subsidy
Total Development Cost

Brick
Brick Special Needs
Costanza/Carroll
/Bancroft
36
Special Needs (Dev. Disabilities)
$ 3,424,989
$ 4,428,452

Bridgeton
Riverwalk Senior
R.H. Tourtelot
78
Senior
$7,663,947
$ 9,288,484

Bridgeton
Bridgeton HOPE VI
Ingerman
113
Families
$ 2,276,900
$ 15,153,302
$ 1,188,076
$ 20,737,272

Elizabeth
Portside II
C.I.S.
(Chris Foglio)
168
Families
$ 23,456,836
$ 2,000,000
$ 34,009,090

Jersey City
Woodward
Michaels Development
69
Families
$ 610,000
$ 6,320,094
$ 11,732,111

Maple Shade
Maple Shade Senior
Pennrose
99
Senior
3,005,840
$ 5,842,000
$ 10, 693,131

Medford
Medford Commons
Ingerman
59
Families
$ 3,378,349
$ 1,200,000
$ 6,089,109

Mt. Laurel
Ethel Lawrence II
Fair Share
(Peter O’Connor)
40
Families
$ 1,128,261
$ 3,872,619
$ 800,000
$ 6,579,991

Newark
Villa Esperenza
M & M
43
Families
$ 3,776,558
$ 5,450,558

Orange
Millennium Homes
R.P.M.
(Ed Martoglio).
38
Families
$995,160
$4,106,357
$ 5,438,020

Paterson
Rogers Millwright
Paterson Coalition
for Housing
33
Families
$4,061,482
$ 6,682,546

Salem
Salem II
Pennrose
40
Families
$ 703,601
$ 4,385,924
$ 749,545
$ 7,004,800

Somerset
Somerset Permanent Housing
Volunteers of
America
18
Special Needs (Homeless)
$ 1,062,290
$ 1,995,751

Tinton Falls
Pines at Tinton Falls
Richman Group
94
Senior
$ 8,150,374
$ 1,622,041
$ 11,483,534

Trenton
Trenton Water Works
Hersh/Lauren LLC
22
Families
649,560 (1999)
$ 2,928,198
$ 3,868,556

Union City
West View
D.T. Allen
36
Families
$5,569,226
$ 7,082,314

TOTALS
16 Development
986
$ 9,369,322
$103,152,545
$7, 559,662
152,563,719



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