Study after study consistently ranks New Jersey as one of the more expensive states to live in, so tax credits that will help add over 1,400 affordable housing units to the Garden State should come as welcome news to residents.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) recently announced $28M in Federal tax credits that will go toward expanding affordable housing access for families, seniors, and special needs residents. The credits come courtesy of a nine percent Low Income Housing Tax Credit program (LIHTC), which are awarded to developers to build new rental apartments or rehabilitate existing rental units for low-income households.
The 22 total developments given the awards span 12 counties and are as diverse as the Garden State itself, with urban centers like Camden and rural spots like Burlington and Cumberland counties all being represented. In Jersey City, a development called Fairview Heights from The Community Builders was given a mixed-income cycle award. The project, approved earlier this year, will bring 92 total residential units including 50 affordable ones to a former YMCA site, preserving the existing building and expanding on a rear-facing parking lot.
There are two projects in Newark that were granted the awards, one of which has a pretty high profile. A 33-story tower from Boraie is scheduled to soon start construction at 777 McCarter Highway, and 74 of its 370 total units will be designated as affordable. NBA legend Shaquille O’Neal is a partner in the venture and is set to live in one of the building’s penthouses when it’s completed.
The other Brick City project awarded credits is dubbed The Lantana at 109-119 Broad Street in the city’s north ward. It will feature 72 affordable units and comes from Montclair-based RPM Development.
All told, nearly $479 million in development investment that will create thousands of construction-related jobs is anticipated to be generated from the credits. For more information on the developments awarded, visit NJHMFA’s website at njhousing.gov.