PLEASANTVILLE, N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined Diocese of Camden Bishop Joseph A. Galante and federal, state and local officials to celebrate the completion of Villages at St. Peter’s Senior Housing, an affordable housing community for senior citizens located on Black Horse Pike in Pleasantville, Atlantic County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $9.7 million in construction financing for the project and also awarded federal Low Income Housing Tax Credits and tax credit subsidies.
“Villages at St. Peter’s is a shining example of a true public-private partnership, representing many years of coordination between local, state, and federal governments and private industry leaders to create affordable homes for our seniors,” said DCA Acting Commissioner Richard E. Constable, III, who is Chair of the HMFA. “Not only are the rents affordable, but the sponsorship by Diocesan Housing Services Corporation and Catholic Charities ensures that the seniors residing here will have access to transportation services, meal programs and medical/health programs on-site at no cost.”
Villages at St. Peter’s is a newly constructed, six-story building for seniors 62 years of age and older with incomes at or below 50 percent of area median income. The residence features 73 one-bedroom housing units, as well as a multipurpose room, laundry rooms, social service and administrative offices and two elevators. All units include a stove range, refrigerator and air conditioner and onsite parking is available for residents. In addition, transportation will be provided to residents by the Division of Intergenerational Services, which is a County Transportation Unit.
“Villages at St. Peter’s is a wonderful place for senior citizens on low, fixed incomes to age comfortably in place, while maintaining a sense of independence,” said HMFA Executive Director Anthony L. Marchetta. “The HMFA is pleased to provide the construction financing that enabled the development of this project and to present a better living experience for the residents of the Atlantic County area.”
In addition to construction financing, the HMFA awarded federal Low Income Housing Tax Credits, which will generate approximately $5 million in private equity. The project also received approximately $2.6 million from the Tax Credit Exchange Program, which was made available to the HMFA through the federal American Recovery and Reinvestment Act of 2009. Additional funding came from Atlantic County, the Federal Home Loan Bank of New York, and the Department of Housing and Urban Development.
HMFA is the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax 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. The HMFA had been charged with administrating the Tax Credit Exchange funds, which were aimed at jumpstarting affordable housing construction, and creating and preserving jobs.
Diocesan Housing Services Corporation developed the project and is the housing development arm of the Diocese of Camden, which oversees the operations of four affordable senior projects in southern New Jersey. These projects include Victorian Towers in Cape May, Stonegate at St. Stephen in Pennsauken, Haven House at St. John of God in North Cape May, and Shepherd’s Farm Senior Housing in West Deptford.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj.gov/dca/hmfa.