Nov-23-2010 The Oaks at Weatherby Dedicated in Woolwich Township
The Oaks at Weatherby Dedicated in Woolwich Township
WOOLWICH TOWNSHIP - Representatives from the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local officials to celebrate the completion of The Oaks at Weatherby, an 86-unit family affordable rental housing community located on Kings Highway in Woolwich Township. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided $2.8 million in permanent mortgage financing. It also helped fund the project by allocating federal tax credits toward development costs.
"This is what it's all about, putting shovels in the ground and people to work immediately," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "This project is an excellent example of how public-private collaboration and investment can lead to both construction and permanent jobs, which are critical to New Jersey's long term economic success."
The newly constructed Oaks at Weatherby is comprised of eight three-story buildings containing 86 units. The buildings are designed in a townhouse style with each unit having its own exterior door. The community has a tot lot, green space and landscaping, and parking for the residents. A community center with kitchen is available for tenant use. Woolwich Township's business district is located adjacent to the site, which provides the residents with shops, banks, and municipal and medical offices.
"In light of these hard economic times, we are pleased to be able to see this project through to completion and to be providing some critically needed affordable rental housing," said HMFA Executive Director Anthony L. Marchetta. "The Oaks at Weatherby truly advances our laudable goal of producing, preserving, and providing housing that New Jersey residents can afford."
The project was developed by Community Investment Strategies (CIS), a successful women-owned real estate development firm that specializes in the construction of affordable housing communities across New Jersey.
HMFA provided $2.9 million in Tax Credit Assistance Program (TCAP) funds and awarded federal Low Income Housing Tax Credits (LIHTC), which will generate approximately $15.2 million in private equity, to the project.
HMFA is the administrator of federal tax credit programs for New Jersey. LIHTC credits are a dollar for dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market. TCAP funds, which are being provided through the federal American Reinvestment and Recovery Act of 2009, are designed to activate affordable housing construction stalled by the economic downturn.
For more information on all HMFA programs, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.