The new rental community will feature 54 one-bedroom apartments for seniors aged 62 and older, with five units set aside for formerly homeless senior residents.
October 29, 2018
by Jeffrey Steele
Real estate development company Conifer Realty LLC gathered with Moorestown Ecumenical Neighborhood Development Inc. (MEND) and New Jersey Housing and Mortgage Finance Agency for a groundbreaking ceremony to celebrate the start of construction on a $12.8 million age-restricted affordable rental community in Cinnaminson, N.J.
The three-story building, which is underway at 1410 Riverton Road in a residential area in Burlington County, will feature 54 one-bedroom apartments for seniors aged 62 and older who earn up to 60 percent of area median income. Five residential units will be set aside for formerly homeless senior residents. Apartment rents will range between $276 and $891 per month.
The township bought the 2.7-acre site—including the long-vacant Cinnaminson Home, a former assisted-living center that had to be demolished—more than a decade ago. The new rental community will feature a community room, computer room, fitness facility and laundry room.
“Affordable housing with ease of access to transportation and services for seniors is a priority for this administration,” said acting governor Sheila Y. Oliver, commission of the New Jersey Department of Community Affairs, in a prepared statement. “We want to make certain every older New Jerseyan has the opportunity to live and stay in their community, despite a low or fixed income.”
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) awarded developers competitive 9 percent federal Low Income Housing Tax Credits (LIHTC), expected to generate $9.9 million in private equity. Other funding includes $440,000 in Burlington County HOME Funds, a $505,000 mortgage from Cinnaminson Township, and a $1.2 million mortgage loan from the Community Development Trust.
The LIHTC program has proved indispensable in New Jersey for the creation of affordable housing for seniors, families, special-needs residents as well as mixed-income developments. Since the program began in 1986, NJHFMA has awarded both four percent and nine percent tax credits for the creation of more than 19,600 housing units.
A bus stop situated within one-half mile of the apartment community will offer access to stores, dining, health care and social services along the major Burlington County corridor of Route 130. Residents will be able to partake of a full array of social services furnished by the Burlington County Board of Social Services and Center for Family Services. The development will also take part in NJHMFA’s Services for Independent Living Program, which strives to improve quality of life for residents living in the senior housing developments the agency finances.
Earlier this month, a partnership between Genesis Cos. and East Orange Housing Authority launched a $20 million rehabilitation at Vista Village Apartments, a former public housing facility in East Orange, N.J.