M id A tlantic Real Estate Journal — New Jersey — February 18 - March 17, 2022 — 3B
www.marej.com
N ew J ersey
Creating +1500 housing opportunities for families, seniors & individuals with special needs Murphy Administration awards over $23 Million in federal tax credits
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“New Jersey’s tax credit al- location plan uses objective criteria and targeted policy objectives to optimize our hous- ing production capacity. This year's awards will boost housing in areas of high opportunity to incentivize economic opportu- nity for families and support older residents seeking to age in place,” said NJHMFA executive director Melanie Walter. “These awards represent a significant federal, state, community, and private investment in ensuring all New Jersey families can ac- cess sound jobs, good schools, and supportive services.” MAREJ
RENTON, NJ — The Murphy Administra- tion has awarded over
$23.1 mi l - lion in annu- al 9% federal Low Income Housing Tax Credits (LI- HTC), which will lead to t h e c o n - struction of
Melanie Walter
more than 1500 new afford- able apartments for families, seniors and residents with special needs – helping to build a stronger and more equitable New Jersey. These tax credits are expected to generate $231.4 million in private investment that will finance the construction of 20 developments across 11 of the state’s counties, produc- ing a total of $450 million in new development. This year, the Agency re- ceived an unprecedented num- ber of applications for proposed developments in suburban mu- nicipalities seeking to enhance affordable housing opportuni- ties within their borders. The highly competitive tax credit funding process supports the construction of the most im- pactful, diverse and inclusive housing proposals. The LIHTC program, which was established by the Tax Reform Act of 1986, is the most prolific source of funding for new affordable rental apart- ments for residents in American history. Under the Murphy administration and with this year’s allocation, NJHMFA has awarded 9% tax credits toward the development of over 5,200 affordable apartments - includ- ing more than 2,000 affordable senior and supportive housing units – in communities across the state-. “As the past two years have demonstrated, safe, stable housing is absolutely impera- tive to ensure the long-term health and economic stabil- ity of our families,” said Lt. Governor Sheila Oliver , who serves as Commissioner of the Department of Community Affairs and NJHMFA board chair. “Governor Murphy and I remain committed to the equi- table development of affordable housing across the state. I am proud that the allocations this year will expand on the State’s historic FY2022 budget invest- ment and produce more housing for all New Jersey residents.”
EXCLUSIVE PROPERTIES FOR SALE
Bayonne, NJ 24 Units Davis Briones ext 370
Hoboken, NJ 21 Units
Roselle, NJ 17 Units Jeff Squires ext 246
Robert Squires ext 287 Scott Davidovic ext 290
Pequannock, NJ 14 Units + 8,050 SF Retail Daniel Lanni ext 248
Guttenberg, NJ 9 Units + 1,200± SF Retail Tom Scatuorchio ext 255 Michael Salomon ext 243
Newton, NJ 5 Mixed-Use Units Joseph Keenan ext 256
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