New Jersey Housing and Mortgage Finance Agency

Christie Administration Marks Grand Opening of Union Eagle Senior Apartments in Burlington County

For Immediate Release:
September 16, 2016
Tammori Petty
Emike Omogbai

Mission First Housing Group completes 48 affordable apartments for seniors with five set aside for homeless in Bordentown City

BORDENTOWN, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined elected state and local officials and community leaders today to celebrate the grand opening of 48 new rental homes at Union Eagle Senior Apartments in Bordentown City.  The project includes the adaptive reuse of a former factory with a new construction addition. The residences are affordable to seniors, age 55-plus, with five of the units set aside for homeless individuals. Mission First Housing Group of Philadelphia, PA is the developer, and property manager for the project.

Union Eagle Senior Apartments was built on two parcels of land – one which was occupied by a vacant, three-story warehouse building that was formerly home to the Eagle Shirt Company and redeveloped into 21 one-bedroom apartments. On the second parcel, a newly constructed three-story building comprises 27 one-bedroom apartments, which is joined to the existing building. One elevator services the redeveloped and expanded building. All apartments are equipped with a range, refrigerator, air conditioning, dishwasher and carpet. Amenities include elevator service and community space for residents, laundry room and leasing and management offices.

Five of the 48 units are reserved for formerly homeless individuals, which will be affordable to tenants at or below 20% of the Area Median Income (AMI).  DCA is providing five project-based vouchers which will support homeless veterans in those units. The remaining 43 apartments are affordable to seniors, aged 55 and over, with incomes at or below 60% of AMI.

“Union Eagle Senior Apartments is situated in a redevelopment area of the city and will be a vital component of the neighborhood’s revitalization,” said HMFA Executive Director Marchetta. “As Burlington County seniors on a low fixed income continue to look for safe, decent homes at a monthly rent that’s comfortably affordable, they can count Union Eagle in Bordentown as one more quality choice for their consideration.”

Historic designation for the site received approval and the factory building was renovated to adhere to historic requirements. Careful attention was paid to maintaining, restoring and preserving the historic components of the building.

Located at 1 Spring Street in Bordentown City, New Jersey, Union Eagle is situated among single-family homes, small commercial and industrial sites and a public park. The City of Bordentown is located in the northern portion of Burlington County at the crossroads of Routes 206 and 130. Known for its charm and small-town ambiance, Bordentown features historical landmarks and a lively downtown with a choice of retail outlets and restaurants.

Mission First is a nonprofit organization with 25 years of experience in developing and managing affordable rental housing for low-income individuals.  Mission First Housing Group develops and manages affordable, safe and sustainable homes for people in need, with a non-profit, mission-driven focus on the most vulnerable throughout the Mid-Atlantic region.

Columbus Property Management will provide supportive services via a Resident Services Coordinator to Union Eagle residents, including special needs residents. Services will include case management, referrals to community resources such as employment services, educational and life skills training and health care linkages. 

The HMFA, an affiliate of the Department of Community Affairs (DCA) awarded the affordable housing project the highly competitive 9% Low Income Housing Tax Credits which generated $10.3 million in private equity. The Agency also provided $165,000 in permanent financing.

The approximately $11.5 million development cost of this project will provide affordable housing opportunities for seniors and formerly homeless residents and will continue to have a positive economic impact on Bordentown City and greater Burlington County. HMFA estimates that the project has generated more than $18 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported 109 direct and indirect full-time equivalent jobs, and more than $664,000 in state and local taxes. Now completed, the project will continue to add value to the community by providing more than $2 million in ongoing economic output, 11 direct and indirect full-time equivalent jobs, and more than $114,000 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.

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