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NJHMFA Board Approves Additional Funding For Special Needs Housing Partnership Loan Program
Home > Media Room > HMFA in the News > News 2018 > NJHMFA Board Approves Additional Funding For Special Needs Housing Partnership Loan Program
For Immediate Release: Contact:
January 3, 2018 Lisa Ryan
Tammori Petty
(609) 292-6055
 

NJHMFA Board Approves Additional Funding For Special Needs Housing Partnership Loan Program

TRENTON – To help further the mission of the Special Needs Housing Partnership Loan Program (SNHPLP), the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board approved an additional $5 million for the program at its December 14 meeting.

The SNHPLP launched in 2011 to increase housing and foster the integration of residents with developmental disabilities into communities across the state. NJHMFA and the New Jersey Department of Community Affairs (DCA) provided the initial funding of $19.2 million. Since the program’s inception, 66 projects have been funded, providing 264 beds for special needs residents.

DCA has also agreed to provide an additional $5 million for the program, bringing the total new funding to $10 million. It is anticipated that the new funding, coupled with remaining funding and matching funds from participating municipalities, will fund another 44 projects containing 176 beds. The funding can be used for new construction, as well as to acquire or rehabilitate existing three- to four-bedroom, single-family ranch-style houses and three- to four-bedroom condominiums located on the first floor.

In other Board action, two affordable housing projects moved a step closer to beginning construction:

  • Under Board approval, Boston-based Winn Development Company received nearly $3.1 million in NJHMFA funding for extensive renovation work at Bridgeton Villas II. The project, which is based in Bridgeton, Cumberland County, involves 56 apartments for residents earning below 60 percent of the area median income, including five set aside for homeless residents. Work on three buildings in the complex will include new Energy Star appliances, flooring, cabinetry, sustainable fixtures in the kitchens and bathrooms, upgrades to the heating system and exterior rehabilitation work such as new roofing. The project also includes installation of a new playground and construction of a new community building. Work is expected to be completed in the third quarter of 2018. Earlier this year, rehabilitation of Bridgeton Villas I began. That project, which is expected to be completed in December 2018, involves five buildings containing 100 affordable housing units, with 10 apartments to be aside for homeless individuals and families.

  • Under Board approval, Community Investment Strategies of Lawrenceville received $3.2 million from NJHMFA’s Conduit Bond Program, as well as $100,000 in construction and permanent financing from the Special Needs Housing Trust Fund for The Place at Plainsboro. The project involves the new construction of nine, garden-style apartment buildings, which will provide 71 affordable apartments, including five set aside for homeless residents and two set aside for residents on the autism spectrum.

These two projects also received the very competitive federal 9% Low Income Housing Tax Credits (LIHTC) last year. In August 2017, NJHMFA awarded a total of $39.8 million in 9% LIHTC awards in the largest single announcement of tax credits since the LIHTC program began in the state in 1986. The credits were awarded to 29 projects statewide, including Bridgeton Villas II and The Place at Plainsboro, to fund affordable housing for working families, senior citizens and residents with special needs. Once completed, the projects are expected to provide 2,178 housing units.

Additionally, the Board approved the appointments of Claudia Lovas as Acting Executive Director and John Murray as Acting Deputy Executive Director. Ms. Lovas will assume the role vacated by outgoing Executive Director Anthony Marchetta. 

For more information on the Special Needs Housing Partnership Loan Program, Low Income Housing Tax Credits, and other NJHMFA programs, visit www.njhousing.gov.