CAPE MAY – A ribbon-cutting ceremony marked the completion of the renovation of an affordable apartment building for seniors age 62 and older, which was financed in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
Last week’s event celebrated Victorian Towers, which opened in 1973 and is a six-story building located on Washington Street. The building includes 204 studio and one-bedroom apartments for residents earning up to 50 percent of the area median income.
“This renovation project preserves affordable apartments for seniors on tight incomes, enabling them to remain in the community with friends and the services they are accustomed to,” said NJHMFA Executive Director Charles A. Richman. “The work has improved the overall appearance and energy efficiency of the building, which will produce cost savings, and provides accessible apartments for residents with special needs.”
The developers on the project are The Diocesan Housing Services Corporation of the Diocese of Camden; Hudson Valley Property Group, LLC, of New York; and MDG Design + Construction of New York.
The project included building acquisition; new paint, new air conditioning and flooring in the common areas; new windows throughout; LED lighting and low-flow plumbing fixtures for all apartments; installation of a rooftop solar array; new patio; additional gathering areas for residents; a new fire alarm system; and re-cladding of the entire building to make it more consistent with the historic character of Cape May. The work also included the renovation of 10 apartments to make them fully handicapped-accessible for existing and new residents.
NJHMFA provided the project with $13 million in construction and permanent financing through its conduit bond program and awarded 4 percent Low Income Housing Tax Credits, which generated over $3.9 million in private equity. Victorian Towers also participates 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.
Victorian Towers, located in downtown Cape May, is close to shopping, public transit, the beach and other recreation areas, and medical services.
For more information on NJHMFA and its programs, visit njhousing.gov.