FOR IMMEDIATE RELEASE: Friday, April 22, 2016

 

Developer Project Freedom, Inc. Opens 48 Affordable Family Rental Apartments at the Intersection of Woodlane Road and Springside Avenue

Project Freedom founding family
(Left to right) Project Freedom founder and Associate Executive Director Norm Smith, and his wife Shirley are joined by their son Joshua at the recent Grand Opening of Freedom Village at Westampton. Norm and his family live at Robbinsville Project Freedom.

WESTAMPTON, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined elected state and local officials and community leaders today to celebrate the grand opening of 48 new, affordable rental apartments at Freedom Village at Westampton. Fourteen of the 48 new homes are set aside for tenants with special needs.  Project Freedom Inc., located in Lawrenceville, is the developer.

The HMFA, an affiliate of the Department of Community Affairs (DCA), awarded the affordable family rental community approximately $1.5 million in permanent financing and the very competitive federal 9% Low Income Housing Tax Credits (LIHTC) which provided approximately $11.3 million in private equity Annually, states are allocated LIHTC by the federal government on a per-capita basis. HMFA, as the administrator of the federal LIHTC Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates more than $180 million in equity for the development of affordable housing in the state.

 “Project Freedom is a longtime HMFA partner developer that specializes in creating barrier-free communities designed to provide lifestyle advantages for both the able-bodied and disabled populations,” said HMFA Executive Director Marchetta. “Each of the apartment homes are designed as highly-functional, open floor plans with an emphasis on easy-to-navigate living spaces.” 

Located at the intersection of Woodlane Road and Springside Avenue, Freedom Village at Westampton is situated on a six-acre site.  Four “L” shaped, two-story buildings, each with an elevator, include 25 two-bedroom apartments, each with net monthly rents of $678-$856. Nine three-bedroom apartments have monthly rents ranging from $773-$980. The Special Needs units feature eight, one-bedroom at $706 per month and six, two- and three-bedroom residences, each ranging from $847-$949 per month.

Freedom Village homes promote ease of mobility for the tenant who uses a wheelchair while also creating a beautiful living space for those without a disability. Every home is wheelchair-accessible with wider doors and hallways and accessible kitchens and baths. Other amenities include wall-to-wall carpeting, energy efficient appliances, and central heating and air conditioning. Each building includes an elevator for access to the second floor and the property offers 150 parking spaces for the tenants.

The Division of Developmental Disabilities, through a contract with local service provider agencies, will provide case management services, linkages to health care services, skill development training and 24 hour, seven-day a week on-call services to residents with developmental disabilities. Catholic Charities will provide case management services, mental health treatment and illness management and recovery to residents who have mental illness.

The $13.8 million development cost of this project will provide affordable housing opportunities for New Jersey workforce families and special needs residents and will continue to have a positive economic impact on the Township of Westampton and greater Burlington County. HMFA estimates that the project has generated more than $21.8 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 approximately 131 direct and indirect/induced full-time equivalent jobs, and more than $800,400 in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $2.4 million in ongoing economic output, 13 direct and indirect/induced full-time equivalent jobs, and approximately $138,000 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. 

Project Freedom Inc. is a non-profit organization that develops and operates barrier-free permanent supportive housing that enables individuals with disabilities to live independently.  In addition, they provide supportive services such as recreation, training, and advocacy.  

For more information on HMFA programs, please visit www.njhousing.gov.

 

CONTACT:
Tammori Petty
or Emike Omogbai
(609) 292-6055