Press Release, distributed by Public
“25 Percent of Units to be Set Aside for Disabled Veterans
CLAYTON – New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff Tuesday joined local officials and representatives from Conifer Realty LLC and the People for People Foundation of Gloucester County to mark the groundbreaking of Camp Salute, an affordable apartment development.
The $22.9 million project includes the construction of 76 apartments for residents earning up to 60 percent of the area median income. One quarter, 19 units, will be set aside for disabled or homeless veterans, who will pay only 30 percent of their income for the apartments. Rents for a one-bedroom unit are expected to range from $714-$870; between $845-$1,120 for a two-bedroom, and from $981-$1,197 for a three-bedroom.
The development, a joint venture between Conifer and People for People, will include a tot lot and a community building, which will house an exercise room, common laundry area, and computer lab. A full array of social services for all residents will be provided by the People for People Foundation of Gloucester County, a private, nonprofit foundation that helps self-sufficient individuals and families that fall on hard times through no fault of their own and need one-time help.
‘Camp Salute will be a very special community, providing affordable housing opportunities for families and veterans who have served our country,’ said New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman, who also serves as chairman of the NJHMFA board. ‘We commend Conifer Realty and People for People on their partnership in creating this development.’
NJHMFA approved 9 percent Low Income Housing Tax Credits for the project, which are expected to generate $17.7 million in private equity.
‘We are very proud to be part of this unique project to provide permanent, affordable housing and services for families and veterans,’ said NJHMFA Executive Director Anthony L. Marchetta. ‘The use of Low Income Housing Tax Credits as a development tool to boost affordable housing, such as Camp Salute, has opened the door to thousands of residents.’
The developer, Conifer Realty, LLC, is a full-service real estate company specializing in the development, construction, management and ownership of high-quality, affordable housing communities.
NJHMFA estimates that the Camp Salute project will generate approximately $36 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project is expected to support approximately 217 direct and indirect/induced full-time equivalent jobs, and generate over $1.3 million in state and local taxes. Once complete, Camp Salute is expected to continue to add value to the community by providing approximately $4 million in ongoing economic output, about 22 direct and indirect/induced full-time equivalent jobs, and approximately $229,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled ‘Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,’ conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
For more information on NJHMFA programs, visit njhousing.gov“