New Jersey Housing and Mortgage Finance Agency

Christie Administration Marks Grand Opening of the Apartments at the Mill in the City of Burlington

For Immediate Release:
September 18, 2015
Tammori Petty
Emike Omogbai
Former Knitting Mill Site to Provide 65 Units of Green Affordable Housing, Five for Individuals with Special Needs

BURLINGTON CITY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Chief of Staff Donna Rendeiro today joined local officials and Ingerman to celebrate the grand opening of the Apartments at the Mill, a 65-unit affordable housing community in the City of Burlington, Burlington County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided the project $1.7 million in permanent financing, and awarded federal Low Income Housing Tax Credits (LIHTC) that generated approximately $12.1 million in private equity.

Annually, states are allocated Low Income Housing Tax Credits by the federal government on a per-capita basis. HMFA, as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the state. Ingerman was awarded the very competitive 9% tax credits in the June 2013 family cycle. The tax credits provided more than 81% of the funding for the development of the Apartments at the Mill. Other funding sources for the development of the Apartments at the Mill include Wells Fargo and Burlington County HOME funds.

"The Apartments at the Mill furthers the goal of the local community by creating affordable housing for working families and individuals with special needs," said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. "HMFA’s federal Low Income Housing Tax Credit Program is a successful and efficient housing program that developers can utilize to strengthen neighborhoods and communities through the development of affordable housing."

The 2.96-acre development project consists of five newly constructed multifamily buildings containing 54 residential units, and the conversion and adaptive reuse of an old abandoned knitting mill into a community center, leasing office, and 11 units. The project was built to be highly energy efficient, in compliance with the EPA ENERGY STAR Tier 2 requirements, and the State of New Jersey’s own green building program Green Future. Apartment amenities feature wall-to-wall carpeting, air conditioning, gas fired HVAC systems, and a fully equipped kitchen which includes a dishwasher and garbage disposal. The ground floor of the converted knitting mill encompass a leasing office, maintenance shop, a furnished community room with a warming kitchen, and a social services office. The project also has 91 parking spaces available for residents and their guests.

"This project truly represents HMFA’s mission of providing safe, decent, and affordable housing with great access to quality schools, public transportation, jobs and shops in Burlington County," said HMFA Executive Director Marchetta. "Projects like this revitalize underutilized and dysfunctional sites, while attracting further redevelopment and economic development into the area."

One hundred percent of the project units will be affordable, with five units available to households with incomes at or below 20% of the Area Median Income (AMI) and reserved for individuals with special needs, 2 units at or below 30% AMI, 26 units at or below 50% AMI, and 32 units at or below 60% AMI. An on-site social services coordinator will provide supportive services to five units that are set aside for individuals with special needs, and organize and monitor programs offered to the entire community.

"With Apartments at the Mill we transformed a vacant, underused site into a much needed housing community that not only serves to revitalize the region, but also enhances the quality of life for local residents," said Brad Ingerman, President and CEO of Ingerman. "We look forward to partnering with Burlington County and the City of Burlington on future housing projects."

The total development for this project cost approximately $15 million to develop, not only providing affordable housing opportunities for New Jersey families, but will continue to have a positive economic impact on the Burlington County community. HMFA estimates during construction that the project had generated approximately $24 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues, supported approximately 143 direct and indirect/induced full-time equivalent jobs, and approximately $870,000 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $2.7 million in ongoing economic output, 15 direct and indirect/induced full-time equivalent jobs, and approximately $150,000 in state and local taxes annually.

Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled "Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing," conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.

The developer, Ingerman, has been developing, building and managing award-winning multi-family communities throughout the Mid-Atlantic region. Founded in 1988, the Company has developed 85 communities consisting of more than 6,700 residential units with total development costs in excess of $1 billion.

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