HMFA Breaks Ground on 36-Unit Affordable Housing Project in Medford Township
Medford Senior Housing to Provide Quality Apartments for Senior Citizens
“This project will be a great addition to Medford Township and will give more in the community access to safe, decent, affordable housing,” said HMFA Executive Director Marge Della Vecchia. “The HMFA is proud to be involved in projects such as these because they advance Governor Corzine’s laudable goal of making affordable housing a reality for more and more residents.”
The two-story Medford Senior Housing building will include 30 one-bedroom apartments and 6 two-bedroom apartments. Five of the units will be handicap-accessible. Each apartment will have a full kitchen, living and dining area, and full bath, as well as Energy Star appliances and energy-efficient heating and cooling systems that meet the Energy Star Homes Program requirements. Residents will have access to a library, lounge, and community, computer, exercise and laundry rooms. Because Medford Senior Housing will be located in a Smart Growth Area, residents will have easy access to neighboring services and amenities that will provide an enhanced quality of life.
The gross monthly rents will be between $340 and $733 for one-bedroom units and $402 and $875 for two-bedroom units, making them affordable to lower-income seniors in the area.
The HMFA approved a mortgage commitment of $80,420 in permanent financing for the project and provided federal Low Income Housing Tax Credits (LIHTC) that will generate equity in the amount of approximately $6.3 million. The Agency is also allocating $826,500 in Tax Credit Assistance Program (TCAP) funds that are being made available under the federal American Reinvestment and Recovery Act of 2009. The State of New Jersey received TCAP funding in the amount of $61,243,670 and the HMFA is distributing the tax credits. The program assists in closing the funding gap created by the drop in equity pricing helping to activate affordable housing construction stalled by the economic downturn resulting in immediately creating new jobs or saving jobs at risk of being lost due to the economy.
The project is being developed by Moorestown Ecumenical Neighborhood Development, Inc, (MEND) and Conifer Realty, LLC. MEND is a non-profit organization based in Moorestown, NJ, that provides low and moderate-income rental and for sale housing for individuals, families, and seniors in the Burlington County area. Conifer is a real estate company specializing in the development and management of quality, affordable housing communities. Conifer and MEND have partnered on other housing projects, including the HMFA-financed Sharp Road project, which is presently under construction in Evesham Township.
For more information on HMFA programs, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.