Ribbon Cutting Marks Completion of Major Renovation of Affordable Apartments in Camden
Project Included 64 Townhomes in Historic Neighborhood
CAMDEN, NJ – New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman, local officials and The Michaels Organization today celebrated the completion of the major renovation of 64 townhomes that will preserve historic properties and affordable homes for families in Camden.
Cooper Plaza Historic Townhomes involved the restoration of a five-block section of homes near Cooper University Hospital and the city’s downtown business district, close to jobs, transportation, shopping and schools. The redevelopment of 34 buildings includes 64 historic Victorian-style townhomes.
All of the townhomes will remain permanently affordable for households earning less than 80 percent of the area median income.
“Governor Murphy and I are thrilled that this beautiful renovation is completed and is in keeping with and building upon the historic integrity of the Cooper Lanning neighborhood,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs (DCA) and board chair to NJHMFA. “These new townhomes will provide residents with a high-quality place to live with many local amenities. DCA was proud to help fund this project and commends the public and private entities that worked together to make it happen.”
The majority of the two- and three-bedroom townhomes were occupied, and residents remained in place during the work. Additional rental information is available by calling 856-541-9609.
The $14 million interior and exterior rehabilitation included new HVAC and mechanical systems; new roofs, windows and porch upgrades; and new drainage and waterproofing. Interior work also included renovating kitchens and bathrooms, new appliances and new flooring.
“This redevelopment injects new life into these distinctive buildings, which will continue to provide homes for city residents and revitalize the community as we continue toward a stronger and fairer New Jersey,” said NJHMFA Executive Director Richman. “Many of these buildings once provided homes for doctors and medical administrators at Cooper Hospital. Today, they continue to serve the community by providing homes that are affordable to families.”
NJHMFA had awarded the project 4% Low Income Housing Tax Credits, which generated $4.1 million in private equity, and provided $6.8 million in permanent conduit bond financing. The Michaels Organization assumed an existing mortgage funded with $2.5 million from the New Jersey Department of Community Affairs.
The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement, and neighborhood prosperity.
For more information on NJHMFA and its programs, visit njhousing.gov.