GLOUCESTER TOWNSHIP, NJ – The New Jersey Housing and Mortgage Finance Agency (HMFA) recently joined Gloucester Township Mayor David Mayer, Conifer Realty executives, and other elected officials to celebrate the grand opening of Revere Run, an 80-unit multifamily rental community in Gloucester Township. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the development federal Low Income Housing Tax Credits that generated approximately $15.5 million in private equity, and provided $2.5 million in permanent loan financing. The project was jointly developed by Conifer Realty, LLC, and Camden County Housing Association (CCHA).
This $19.2 million project provides affordable housing opportunities for New Jersey families and will have a positive economic impact on the greater Camden County community. The HMFA estimates that the project will generate approximately $30.5 million in one-time economic output and over $3.4 million in on-going economic output. Other funding for the development of Revere Run aside from the HMFA included Camden County HOME Funds.
"Revere Run will provide quality affordable housing opportunities for New Jersey families and individuals," said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. "It is projects like these that help to integrate the special needs population into our communities."
Revere Run is a mix of green apartments and townhomes with units ranging from one to three bedrooms. Of the 80 units, 44 will be set aside for low-income individuals and families with seven for those with very low-income. Additionally, 23 units will be set aside for moderate-income individuals and families, and five for individuals with special needs including handicap accessible units on the first floor of each building. The net monthly rent for a special needs unit is 20% of the Area Median Income (AMI). The net monthly rent for the very low-income, low-income, and moderate-income units are 30%, 47.5%, and 57.5% of the AMI, respectively. All apartments, which are equipped with Energy Star rated appliances, include a full kitchen, living and dining area and have energy efficient heating and cooling systems. Development amenities include a community room, exercise room, computer room, and close proximity to local shopping and transportation.
Tenants with special needs will receive support services from the Center for Family Services including case management and referrals to various counseling resources including, but not limited to entitlement, healthcare, substance abuse, nutrition, employment and mental health treatment.
"Revere Run epitomizes HMFA’s mission of providing safe, decent, and affordable housing in close proximity to social amenities and jobs in Camden County," said HMFA Executive Director Anthony L. Marchetta. "We are thrilled to have provided the capital financing necessary to build this project that will have a positive impact on the neighborhood and contribute to a vibrant downtown."
HMFA is the administrator of federal Low Income Housing Tax Credits for New Jersey. These provide a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market. New Jersey is annually allocated approximately $18 million in LIHTC and the sale of the credits produces over $162 million in project equity. Currently, there are more than 500 projects statewide in HMFA’s portfolio that contain over 32,000 units and assists with the rehabilitation or construction of approximately 20 projects annually.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.njhousing.gov