Twenty-two developments were awarded more than $28 million in the competitive federal 9% low-income housing tax credit (LIHTC) program by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to expand affordable housing statewide.
The tax credits will support the creation of more than 1,400 affordable apartments for families, seniors, and special-needs residents in 12 counties. The projects total nearly $479 million in development investment and will create thousands of construction-related jobs, generate additional tax revenues, and boost local economic activity.
“Investing in housing that is affordable in New Jersey is the most important thing we can do to help individuals, families, and seniors of mixed-income levels be able to afford to live in this state,” said Lt. Gov. Sheila Y. Oliver, who also serves as commissioner of the Department of Community Affairs and chair of the NJHMFA board. “These vital tax credits help keep our commitment to the goal of producing housing that meets the diverse needs of our communities with the added benefit of producing thousands of jobs across the state.”
The LIHTC is the most prolific source of funding for new affordable rental units, and, since its creation in 1986, the program has created an estimated 3 million units. NJHMFA is the state’s sole administrator of the program and currently monitors nearly 600 tax credit developments of more than 50,000 housing units statewide.
“Through this award of tax credits, developers can leverage $270 million in private equity to help finance the development of affordable housing and improve the lives of thousands of residents,” said Charles A. Richman, NJHMFA executive director. “This program has been key to our efforts to expand affordable housing and invest in communities across the state.”
NJHMFA estimates that the 2018 round of tax credit awards will result in more than $759 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the projects will produce more than 4,500 full-time jobs and approximately $27.8 million in state and local taxes. Once completed, the projects will support nearly $85 million in economic output, 479 full-time jobs, and approximately $4.8 million in state and local taxes annually.
LIHTC AWARD TOTALS:
(FAMILY, SENIOR, SUPPORTIVE HOUSING, AND MIXED-INCOME):
| CYCLE | # OF PROJECTS | UNITS | TAX CREDIT RESERVATIONS | TAX CREDIT EQUITY | TOTAL DEVELOPMENT COSTS |
| FAMILY | 11 | 689 | $13,339,890 | $131,720,125 | $180,874,877 |
| SENIOR | 5 | 361 | $6,649,925 | $62,351,037 | $83,615,133 |
| SUPPORTIVE HOUSING | 4 | 237 | $4,988,087 | $46,231,604 | $65,470,384 |
| MIXED INCOME | 2 | 124 | $3,123,000 | $29,527,847 | $148,991,031 |
| TOTALS | 22 | 1,411 | $28,100,902 | $269,830,613
| $478,951,425
|
FAMILY CYCLE AWARDS:
| PROJECT NAME | SPONSOR | COUNTY | MUNICIPALITY | LIHTC UNITS |
| Branch Village Townhomes II | Michaels Development Company | Camden | Camden | 75 |
| Willows at Harbor House | Ingerman | Ocean | Little Egg Harbor | 36 |
| Apartments at Montgomery | PIRHL | Somerset | Montgomery | 86 |
| York Village West | Conifer Realty | Somerset | Branchburg | 50 |
| York Village East | Conifer Realty | Somerset | Branchburg | 50 |
| Always Drive Family Apartments | The Walters Group | Burlington | Lumberton | 70 |
| Evesham Family | The Walters Group | Burlington | Evesham | 64 |
| Evans Francis | Fair Share Housing Development Inc. | Camden | Cherry Hill | 54 |
| Winslow Cross Creek Family Phase III | Eastern Pacific Development | Camden | Winslow Township | 60 |
| The Lantana | RPM Development | Essex | Newark | 72 |
| Patriot Village | RPM Development | Mercer | Trenton | 72 |
SENIOR CYCLE AWARDS:
| PROJECT NAME | SPONSOR | COUNTY | MUNICIPALITY | LIHTC UNITS |
| Branch Village Lowrise | Michaels Development Company | Camden | Camden | 58 |
| Allenwood Terrace | The Richman Group | Monmouth | Wall | 85 |
| Springdale II | Pennrose LLC | Camden | Cherry Hill | 80 |
| Evesham Senior | The Walters Group | Burlington | Evesham | 68 |
| Newcomb Senior Apartments | Eastern Pacific Development | Cumberland | Vineland | 70 |
SUPPORTIVE HOUSING CYCLE AWARDS:
| PROJECT NAME | SPONSOR | COUNTY | MUNICIPALITY | LIHTC UNITS |
| Freedom Village at Robbinsville | Project Freedom | Mercer | Robbinsville | 72 |
St. Paul the Apostle Supportive Housing | Domus/Metuchen Catholic Charities | Middlesex | Edison | 42 |
| Lincoln Blvd. Senior Phase I | Pennrose/PennReach | Gloucester | Glassboro | 65 |
| Elmwood Square | The Alpert Group/ Plainfield Housing Authority | Union | Plainfield | 58 |
MIXED-INCOME CYCLE AWARDS:
| PROJECT NAME | SPONSOR | COUNTY | MUNICIPALITY | LIHTC UNITS |
| Fairview Heights | The Community Builders | Hudson | Jersey City | 50 |
| 777 McCarter Highway | Boraie | Essex | Newark | 74 |
