16B — October 25 - November 7, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Project is part of redevelopment of former public housing complex site NJHMFA marks groundbreaking for next phase of affordable apartments in Camden C
include 11 new two- and three- story buildings housing one- to three-bedroom apartments for residents earning up to 80% of area median income (AMI). Five apartments will be set aside for homeless individuals. Clement T. Branch Village was the last traditional public housing development in the neighborhood’s Mt. Ephraim Avenue corridor, a main thor- oughfare to the east of the development. Eight two-story brick buildings were demol- ished, and three new public roads will be introduced to better integrate the property
with the rest of the neighbor- hood. "This new development con- tinues the revitalization of this site, bringing new life to the neighborhood and provid- ing safe, affordable homes for families,” said NJHMFA executive director Charles Richman . "This area is one that is in need of redevelop- ment but one that is changing quickly. We are proud to be part of these efforts through the award of Low Income Housing Tax Credits, which have been a vital tool in the creation of affordable housing in New Jersey.” NJHMFA awarded the $20.5 million development very com- petitive 9% Low Income Hous- ing Tax Credits, which are expected to generate $15.9 million in private equity. The development partners are The Michaels Orga- nization and the H ousing Authority of the City of Camden (HACC) . HACC worked to relocate all of the residents who can opt to re- turn to the new townhomes once completed. The first phase of the rede- velopment, financed in part by NJHMFA, opened in Decem- ber 2017 with 50 affordable one- to two-bedroom rental apartments in a mid-rise building. A groundbreaking for 72 affordable townhomes for families earning up to 60% AMI took place in November 2018 and will also include five apartments for homeless individuals. This phase is ex- pected to be completed in De- cember. Plans are underway for a final phase which will provide 58 affordable apart- ments for seniors. Construction on the new townhomes is anticipated to be complete by December 2020. The Michaels Organization has partnered with NJHMFA on numerous projects in Cam- den. In the last five years alone, the Michaels Organiza- tion has completed or plans to complete six developments financed in part by NJHMFA, which have provided or will provide nearly 600 affordable housing opportunities. Most recently, NJHMFA joined Mi- chaels in April for the ground- breaking of Cooper Plaza Townhomes, a major renova- tion of 64 townhomes that will preserve historic properties and affordable homes for fami- lies living in the city.
AMDEN, NJ — A groundbreaking at- tended by New Jersey Housing and Mortgage Fi- nance Agency (NJHMFA) executive staff, kicked off construction of 75 affordable rental apartments for families as part of the next phase of the redevelopment of a former public housing site in the city’s Centerville neighborhood. Branch Village Townhomes II is the third phase of the Branch Village comprehensive revitalization of the site of the former Clement T. Branch Village. The new project will
Shown from left: NJHMFACFO JohnMurray; Michaels Development VP Nick Cangelosi; Michaels Management Affordable president Kim- berlee Schreiber; HACC executive director Victor Figueroa; Camden Councilman Brian Coleman; HACC Chairwoman Deborah Person- Polk; Camden Mayor Frank Moran; Michaels CEO John O'Donnell; State Sen. Nilsa Cruz-Perez; Camden Councilwoman Sheila Davis; Camden County Freeholder director Louis Cappelli, Jr.; HACC di- rector of modernization Chuck Valentine; and Michaels Construction president George Dudo.
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