New Jersey Awards More than $22 Million in LIHTCs

The financing will help construct or preserve 17 affordable housing developments across the state.

Seventeen developments have been selected to receive more than $22 million in annual 9% low-income housing tax credits (LIHTCs) in New Jersey. The federal housing credits are expected to generate $214.7 million in private investment.

The 2019 awards were made under the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA’s) new guidelines that place greater emphasis on locating housing in areas that provide children access to good school systems; create on-site services, such as nurses and health-related programs, in senior housing to enable them to remain in their community; and renew emphasis on mixed-income development to avoid segregating low- and moderate-income housing, said agency officials.

The latest awards will create apartments for families in Closter, veterans in East Greenwich, and seniors in Branchburg, among other projects.

“The new policy changes that have guided this year's awards continue to boost housing in areas of high opportunity and to deconcentrate poverty, making housing more affordable and accessible to all,” said NJHMFA executive director Charles A. Richman. “These awards will support affordable rental homes in suburban, rural, and urban areas, with access to good schools, supportive services for seniors and veterans, and provide for income diversity to build stronger communities.”

Since the inception of the LIHTC program, more than 59,000 apartments have been created in New Jersey.

Here is a breakdown of the 2019 awards:

LIHTC AWARD TOTALS:
(FAMILY, SENIOR, SUPPORTIVE HOUSING, AND MIXED-INCOME):

CYCLE	NUMBER OF PROJECTS	TOTAL APARTMENTS	TAX CREDIT AWARDS	TAX CREDIT EQUITY	TOTAL DEVELOPMENT COSTS
FAMILY	9	678	$12,739,002	$121,732,918	$189,324,849
SENIOR	5	378	$6,430,373	$61,951,877	$86,985,679
SUPPORTIVE HOUSING	2	133	$2,787,036	$26,194,222	$38,811,754
MIXED-INCOME	1	32	$510,000	$4,844,516	$9,663,173
TOTALS	17	1,221	$22,466,411	$214,723,533	$324,785,455

FAMILY CYCLE AWARDS:

PROJECT NAME	COUNTY	MUNICIPALITY	DEVELOPER	APARTMENTS
211 Henderson Road	Middlesex	South Brunswick	RPM Development	116
Concord Residences	Somerset	Hillsborough	RPM Development	88
Apartments at Warren	Somerset	Warren	PIRHL	80
Closter Family Housing	Bergen	Closter	Housing Development Corporation of Bergen County	35
Willows at Junction Road	Hunterdon	Raritan Township	Ingerman	100
The Place at Sayreville	Middlesex	Sayreville	Community Investment Strategies	89
East Greenwich Family Housing	Gloucester	East Greenwich	Conifer/People for People Foundation	70
Walter G. Alexander Phase IV	Essex	Orange	Orange Housing Development Corp.	44
722 Chancellor Avenue	Essex	Irvington	The NRP Group	56

SENIOR CYCLE AWARDS:

PROJECT NAME	COUNTY	MUNICIPALITY	DEVELOPER	APARTMENTS
Branchburg Senior Apartments	Somerset	Branchburg	Walters Group	75
West Orange Senior Housing	Essex	West Orange	The Alpert Group	65
Hartford Village	Burlington	Medford	Volunteers of America	71
Hoffman Pavilion	Middlesex	New Brunswick	Pennrose	66
Union City Senior	Hudson	Union City	RPM Development	101

SUPPORTIVE HOUSING CYCLE AWARDS:

PROJECT NAME	COUNTY	MUNICIPALITY	DEVELOPER	APARTMENTS
Project Freedom at Hamilton Woods	Mercer	Hamilton Township	Project Freedom	72
North Bergen Supportive Housing	Hudson	North Bergen	The Alpert Group/North Bergen Renaissance Corp.	61