CINNAMINSON – New Jersey Housing and Mortgage Finance Agency executive staff joined local officials and representatives of Moorestown Ecumenical Neighborhood Development Inc. (MEND) and Conifer Reality LLC for a groundbreaking today marking the start of an age-restricted affordable rental apartment community.
The new construction of a three-story building situated in a residential area on Riverton Road in Burlington County will house 54 one-bedroom apartments for seniors 62 and older who earn up to 60 percent of area median income, with five units to be set aside for homeless senior residents.
The development includes the demolition of an existing building on the underutilized property, which was purchased by the township over a decade ago. The new building, which has not yet been formally named, will include community, computer and fitness rooms, and laundry facilities.
“Affordable housing with ease of access to transportation and services for seniors is a priority for this Administration,” said Acting Governor Sheila Y. Oliver, Commissioner of the New Jersey Department of Community Affairs. “We want to make certain that every older New Jerseyan has the opportunity to live and stay in their community, despite a low or fixed income.”
NJHMFA awarded the developers competitive 9 percent federal Low Income Housing Tax Credits (LIHTC), which are expected to generate $9.9 million in private equity. Other funding includes $440,000 in Burlington County HOME Funds, a $505,000 mortgage from Cinnaminson Township and a $1.2 million mortgage loan from the Community Development Trust.
The LIHTC program has been a critical tool in the state for creating affordable housing for seniors, families, special needs residents as well as mixed-income developments. NJHMFA is the sole administrator of the program for the state, and through these tax credits, has able to leverage funding to expand affordable housing opportunities. Since the program began in 1986, NJHFMA has awarded both 4 percent and 9 percent tax credits to senior developments that have created over 19,600 housing units.
“This development will enable older adults to age in place, and also provides housing and services for homeless seniors,” said New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman. “We are proud to once again to be working with Moorestown Ecumenical Neighborhood Development Inc. and Conifer Reality to expand affordable housing opportunities in New Jersey.”
This new apartment building, with a development cost of $12.8 million, is anticipated to be completed by late October 2019, with apartment rents expected to range from $276 to $891 per month.
A bus stop within a half mile of the site will provide access to shopping, restaurants, and medical and social services along Route 130, a major commercial corridor in Burlington County.
A full array of social services for all residents will be provided by the Burlington County Board of Social Services and Center for Family Services. Once open, the development will also be participating in NJHMFA’s Services for Independent Living program, which works to enhance the quality of life for residents living in Agency-financed senior housing developments.
Moorestown Ecumenical Neighborhood Development, Inc. is a private, nonprofit, housing development organization founded by several Moorestown churches in 1969. MEND is a national and state award-winning developer dedicated to providing safe and affordable rental housing to senior citizens, disabled persons, and families of low and moderate income.
Conifer, based in Mount Laurel, is a full-service real estate company specializing in the development, construction, management and ownership of high-quality, affordable housing communities.
This is the seventh projected developed jointly by MEND and Conifer Reality LLC, which received financing from NJHMFA. Other projects include: Sharp Road Apartments, a family rental apartment community in Marlton; Conifer Village at Deptford, a family community in Westville; Conifer Village at Rittenberg, a community for residents 62 and older in Egg Harbor City; The Duffy School, a senior apartment community in Florence; Springside School, a senior community in Burlington Township; and Medford Senior Housing in Medford.
Rental information will eventually be available on the MEND and Conifer websites.
For more information on NJHMFA programs, visit njhousing.gov.