FOR IMMEDIATE RELEASE: Thursday, June 09, 2016


Project Creates 70 Affordable Apartments for Working Families with Five Set Aside for Homeless 

PERTH AMBOY – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined state and local officials and community leaders to celebrate the grand opening of The Residences at Willow Pond, a development that features 70 rental apartments situated within three, two-story buildings. The new residences are affordable to workforce families, with five set aside for homeless individuals. The developer is Ingerman located in Collingswood, NJ. 

All apartments include a fully-equipped kitchen with Energy Star-rated appliances, including a dishwasher; air conditioning; in-unit laundry facilities; a patio or balcony; ceiling fans; carpeting; window treatments; and a private entry. The community amenities include on-site parking; a large clubhouse with warming kitchen for resident functions; a fitness center; on-site leasing and management offices; and a playground.

“HMFA is very happy to help open another high-quality community in Middlesex County,” said HMFA Executive Director Marchetta. “County residents, including those who were impacted by Superstorm Sandy, have to look no further than The Residences at Willow Pond to find safe, affordable homes to meet the needs of their families.”

Located at Chamberlain and Sofield Avenues in Perth Amboy, The Residences at Willow Pond offer families a selection of 14 one-bedroom apartments, 36 two-bedroom apartments, and 20 three-bedroom apartments. The community is built to Green Futures standards and is within walking distance of an elementary school, two municipal parks, and a future commercial center to be constructed next door.

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA) awarded the affordable housing project the highly competitive 9% Low Income Housing Tax Credits, which are expected to generate $9.8 million in private equity, and approximately $2 million in permanent financing through HMFA’s Conduit Bond program. Additionally, $5.8 million was awarded through the Fund for Restoration of Multifamily Housing (FRM) Program, which provides qualified housing developers with subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm. Moreover, Public Housing Authority Replacement Housing Factor Funds awarded the development $400,000.

The HMFA estimates that the project has generated more than $30.2 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 182 direct and indirect full-time equivalent jobs, and more than $1.1 million in state and local taxes. Now completed, the project will continue to add value to the community by providing more than $3.3 million in ongoing economic output, 19 direct and indirect full-time equivalent jobs, and more than $190,000 in state and local taxes annually. These 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.

Ingerman Management Company will provide case management and referral services for tenants of the five apartments set aside for homeless individuals. Referral services will include linkages to medical, recreational and vocational supports. 

“The Residences at Willow Pond represents a major component in the broader city-wide redevelopment initiative to revitalize the community and provide affordable housing to households in Perth Amboy,” said Lara Schwager, development principal at Ingerman. “This development marks the second successful affordable rental community Ingerman has developed in Perth Amboy after Parkview opened in 2011. We are grateful for our partners at the Housing Authority of the City of Perth Amboy and HMFA for their continued support and commitment to bring more affordable housing to the city.”

During the first 90 days of lease up at The Residences at Willow Pond, priority for residency will be given to Sandy-impacted individuals. People interested in applying can pick up an application at 701 Chamberlain Avenue, Perth Amboy, NJ, 08861. They can also call (856) 662-1730, send an email to, or visit for more information.

Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting and clicking on “Priority Housing for Sandy-Impacted Residents Available” at the top of the webpage. The website provides such information as where projects are located, the total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and the date applications are being accepted. New information is added regularly as it becomes available.

For more information on HMFA programs, please visit



Tammori Petty
Lisa Ryan
Emike Omogbai
(609) 292-6055