Real Estate Journal — Owners, Developers & Managers — November 23 - December 13, 2018 — 19C
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54 Apartments for residents 62 and older in Burlington County NJHMFA, MEND&Conifer attend groundbreaking of affordable senior apartment community C
will also be participating in NJHMFA’s Services for Inde- pendent 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, hous- ing 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.
once again to be working with Moorestown Ecumenical Neigh- borhood Development Inc. and Conifer Reality to expand af- fordable housing opportunities in New Jersey.” This new apartment build- ing, 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 full array of social services for all residents will be pro- vided by the Burlington County Board of Social Services and Center for Family Services. Once open, the development
INNAMINSON, NJ — New Jersey Hous- ing and Mortgage Fi- nance Agency executive staff joined local officials and rep- resentatives of Moorestown Ecumenical Neighborhood Development Inc. (MEND) and Conifer Reality LLC for a groundbreaking 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 apart- ments for seniors 62 and older who earn up to 60 percent of area median income, with five units to be set aside for home- less senior residents. The development includes the demolition of an existing build- ing on the underutilized prop- erty, 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 Oli- ver, Commissioner of the New Jersey Department of Commu- nity Affairs. “We want to make certain that every older New Jerseyan has the opportunity to live and stay in their com- munity, despite a low or fixed income.” NJHMFA awarded the de- velopers competitive 9% fed- eral Low Income Housing Tax Credits (LIHTC), which are expected to generate $9.9 mil- lion 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 De- velopment Trust. The LIHTC programhas been a critical tool in the state for creating affordable housing for seniors, families, special needs residents as well as mixed-in- come 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 op- portunities. Since the program began in 1986, NJHFMA has awarded both 4% and 9% tax credits to senior developments
Riverton Road in Burlington County
that have created over 19,600 housing units. “This development will enable older adults to age in place, and also provides housing and ser-
vices for homeless seniors,” said New Jersey Housing and Mort- gage Finance Agency (NJHM- FA) executive director Charles Richman . “We are proud to
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