NJHMFA Joins Ribbon-Cutting Ceremony for Rehabilitated Affordable Apartment Community in Bridgeton
Newly Named Ivy Square Apartments Provide Homes for Families, Homeless Residents
BRIDGETON, NJ – A ribbon-cutting ceremony today marked the completion of Ivy Square Apartments, a major rehabilitation project which overhauled a 156-apartment community affordable to families. The event was attended by New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman.
Located on a nearly 7.5-acre site, the project, developed by Boston-based WinnDevelopment, involved an acquisition and two-phase rehabilitation of the former Bridgeton Villas, an existing two-story, walk-up garden-style apartment complex of eight buildings built between 1966 and 1969.
The extensive renovation completely modernized the complex and improves energy efficiency, which will results in savings for tenants and management, and also enhances the surrounding neighborhood. The development includes one-, two- and three-bedroom apartments affordable to households at 60% or below the area median income. Ten apartments provide homes for homeless individuals and families, and five apartments are handicapped accessible.
Interior renovations included upgraded kitchens and bathrooms, as well as upgraded heating and air conditioning systems. Exterior work included new landscaping, new roofing, painting and facade repairs, a new playground, and construction of a new community building with a fitness center. Residents remained in place during the renovation work.
“This redevelopment preserves housing that is affordable to working families in the community and is a true public-private partnership,” said NJHMFA Executive Director Richman. “These renovations have significantly upgraded these apartments. Providing safe and stable housing opportunities helps promote a healthier standard of living and quality of life, and enhances the surrounding neighborhood. This apartment community also represents our continued commitment to provide supportive housing for residents who need it.”
NJHMFA provided significant financing for both phases of the redevelopment. NJHMFA awarded Phase I of the project 4% Low Income Housing Tax Credits (LIHTC), which generated $6.4 million in private equity. NJHMFA also provided $9.6 million in construction and permanent financing as well as $1 million from its Special Needs Housing Trust Fund, which helps create permanent supportive homes in the community for residents with special needs.
Phase II was awarded very competitive 9% LIHTC, which generated $11.3 million in private equity, and NJHMFA also provided $3.1 million permanent financing. The buildings, very much in need of rehabilitation, were awarded tax credits under the program’s preservation set aside. The LIHTC program is considered the single largest source of funding for affordable housing in the U.S. NJHMFA is the state’s sole administrator of the program, which encourages the development of residential rental housing at or below 80% of area median income.
The property is located in the Glen View neighborhood of Bridgeton, close to a school, grocery stores and open space. Ivy Square Apartments residents can utilize free on-demand public transportation provided to the general public as part of the Cumberland Area Transit System.
WinnResidential, the property management arm of WinnCompanies, is partnering with Gateway Community Action Partnership to provide supportive services for residents of the 10 apartments providing homes for homeless residents and families.
WinnCompanies is a national developer and manager of high-impact affordable, middle income and market rate housing communities. In 2017, WinnCompanies partnered with NJHMFA on City Crossing, a project that rehabilitated a 131-unit affordable rental community for working families in Jersey City. NJHMFA also awarded a third project, Sencit Liberty Apartments, a planned rehabilitation of 153 apartments in Atlantic City, 4% LIHTC and is providing construction and permanent financing.
NJHMFA has been a leader in the creation and rehabilitation of affordable housing opportunities for families, seniors and special needs residents statewide through its loan financing and bond programs; mortgage, down payment and closing costs assistance; and the award of federal Low Income Housing Tax Credits. NJHMFA does not rely on any direct funding from the New Jersey State Treasury to meet its core operating or administrative expenses.
For more information on NJHMFA programs, visit www.njhousing.gov.