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Christie Administration Marks Grand Opening of Heritage Village at Bloomfield
Home > Media Room > HMFA in the News > News 2016 > Christie Administration Marks Grand Opening of Heritage Village at Bloomfield
For Immediate Release: Contact:
March 11, 2016 Tammori Petty
Emike Omogbai
609-292-6055
 

Christie Administration Marks Grand Opening of Heritage Village at Bloomfield

Multifamily Redevelopment Provides 82 Units of Affordable Rental Housing for Senior Citizens

BLOOMFIELD, NJ – The New Jersey Housing and Mortgage Finance Agency (HMFA) Executive staff joined local officials and community leaders to celebrate the grand opening of Heritage Village at Bloomfield, an 82-unit senior apartment complex in Essex County. One hundred percent of the project units are affordable to seniors.

The HMFA, an affiliate of the Department of Community Affairs (DCA), awarded the redevelopment project the very competitive federal 9% Low Income Housing Tax Credits (LIHTC), which provided more than 71% of the funding that has generated approximately $12.7 million in private equity. Additionally, Heritage Village at Bloomfield was awarded $5 million in federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers 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.

“Essex County seniors will now be able to choose from 82 brand new apartments at Heritage Village at Bloomfield, designed and equipped especially for their needs,” said DCA Commissioner Charles A. Richman, who also serves as Chairman of the HMFA. “Projects like this help revitalize neighborhoods and meet the high demand for affordable senior rentals in New Jersey.”

The five-story residential building, located at the intersection of Montgomery and Franklin Streets, comprises a total of 82 units. Seventy-four apartments are one-bedroom, and eight are two-bedroom units.
 
Apartments will be appointed with range, refrigerator, air conditioning, dishwasher, and hardwood flooring. The building also includes on-site management office space, a community room with kitchen/catering area, wellness and fitness centers, a library, and laundry facilities. Outdoors, a landscaped entry courtyard adds to the community’s aesthetic appeal. Fifty-nine parking spaces are provided for residents and their guests. The Township of Bloomfield Division of Human Services will be the social service provider for any previously homeless residents, facilitating connections with local health care organizations and volunteer groups.
 
“We’re very pleased to be able to provide financing for the construction and rehabilitation of this community, which is one more step in the state’s ongoing efforts to replenish rental housing stock that was destroyed in the wake of Superstorm Sandy,” points out HMFA Director Marchetta. “Heritage Village at Bloomfield is part of a redevelopment plan that will benefit low- to moderate-income seniors by reinvigorating older neighborhoods, expanding affordable housing and economic opportunities and improving community facilities. We are proud to be an integral part of this significant undertaking."
 
Priority for residency will be provided to Sandy-impacted individuals who have been displaced by or experienced major or severe storm damage from Superstorm Sandy. Applications are still being accepted.  For more information or to apply for a residence, please visit http://www.cis-bloomfield.com/ or call 973-748-1952.
 
The approximately $20 million development cost of this project will provide affordable housing opportunities for New Jersey seniors and homeless individuals and will continue to have a positive economic impact on the Essex County community. HMFA estimates that the project has generated more than $32.1 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 192 direct and indirect/induced full-time equivalent jobs, and generated more than $1.1 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $3.5 million in ongoing economic output, 20 direct and indirect/induced full-time equivalent jobs, and approximately $203,000 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.

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 over $180 million in equity for the development of affordable housing in the state.

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