Development also Includes Supportive Apartments for Residents with Special Needs
PLAINSBORO – New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff joined representatives of Community Investment Strategies, Inc., and local officials for a ribbon-cutting ceremony celebrating the opening of The Place at Plainsboro, which includes 70 apartments affordable to families.
The development, at 100 Rue Place, consists of nine two-story buildings providing one-, two- and three-bedroom apartments for residents earning between 50% and 60% of the area median income. The complex also includes five apartments for individuals and/or families who are homeless and two for residents on the autism spectrum. A community room and community gardens are also part of the development.
NJHMFA awarded the project very competitive 9% Low Income Housing Tax Credits, which generated $11.6 million in private equity, and also provided $3.6 million in financing and $100,000 from its Special Needs Housing Trust Fund, which helps create permanent supportive homes in the community for residents with special needs.
“NJHMFA was pleased to have awarded this project Low Income Housing Tax Credits, which have been a key tool in the creation of affordable housing,” said NJHMFA Executive Director Charles A. Richman. “The tax credit program has prioritized developments located in high opportunity areas close to good schools in particular which can make a critical difference in the development and success of young minds as well.”
The Place at Plainsboro is close to schools, which have consistently received top rankings; parks, such as the Plainsboro Preserve; retail and other amenities in the downtown Plainsboro business district and Quaker Bridge Mall; and major highways and the Princeton Junction Train Station.
Residents have already begun to move into the new apartments. Rents on the one-bedroom apartments will range from $887 to $1,089 for incomes between $41,450 to $56,820; rents on two-bedroom apartments will range from $653 to $1,321 for incomes between $28,410 to $70,980, depending on household size. For three-bedroom apartments, rents will range from $750 to $1,522 for incomes between $31,950 to $82,380, depending on household size.
Triple C Housing, a private nonprofit agency which provides housing and support services to people with disabilities, will provide social services for the homeless residents including outreach and coordination with all Triple C’s programs that serve the homeless including service linkages with other community agencies.
Eden Autism Services Inc. will provide services for the special needs residents on the autism spectrum, such as case management including mental health and physical counseling, rehabilitation; vocational and employment assistance.
NJHMFA and CIS have partnered on several projects to provide affordable and supportive housing to families, seniors and residents with special needs. Most recently, CIS held a grand opening for North Brunswick Crescent in June, which included the rehabilitation of an aging complex to provide 184 apartments affordable to working families and was financed in part by NJHMFA.
Community Investment Strategies, Inc., based in Lawrenceville, is a woman-owned, award-winning business that has built and redeveloped more than 3,200 units throughout the state, bringing high quality housing options to low- and moderate-income families.
For information on rentals visit www.theplaceatplainsboro.com.
For more information on NJHMFA and its programs, visit njhousing.gov.