Friday, March 28, 2014

Christie Administration Marks Groundbreaking of Riverfront Village in Pennsauken Township

This morning, the New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined local officials, and Conifer Realty, LLC, to celebrate the groundbreaking of Riverfront Village, a 75-unit affordable rental community for working families in Pennsauken Township, Camden County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the unique redevelopment project federal Low Income Housing Tax Credits (LIHTC) that has generated approximately $14.6 million in private equity, and provided over $2 million in permanent financing.

"Riverfront Village not only provides quality affordable housing opportunities for low and moderate income families in Camden County, but also creates permanent supportive housing for honorably discharged veterans who are transitioning into permanent living opportunities,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “Projects like this help meet the high demands for affordable rentals in New Jersey while serving hardworking families as well as those with special needs."

The redevelopment project involves the revitalization of approximately 9 acres of land within the township, including the demolition of a 24,000 square foot former ACME supermarket, excavation of a large impervious surface parking lot, and clearing of overgrown vegetation into a premier 75-unit affordable housing community with freestanding clubhouse. Among the units, 30 are affordable to individuals at or below 60% of the Area Median Income (AMI), 37 are affordable to individuals at or below 50% AMI, three are affordable to individuals at or below 30% AMI, and five are set aside for homeless veterans at or below 20% AMI. The project developer has partnered with the Volunteers of America Delaware Valley to provide the necessary supportive services for these veterans to live independently.  A full array of social services for the general residents will be provided by Center for Family Services.

The project, which cost approximately $19.6 million to develop, will not only provide affordable housing opportunities for working families in New Jersey, but also have a positive economic impact on the greater Camden County community. HMFA estimates that the project has generated approximately $29.5 million in one-time economic output and approximately 177 full-time jobs during construction. Upon completion, the project will continue to add value to the community by providing approximately $3.3 million in ongoing economic output and 19 full time jobs annually. Other funding sources for the development of the Riverfront Village include a construction loan from Wells Fargo, Camden County HOME funds, and a municipal contribution from Pennsauken Township.

Upon completion, the project will consist of several walk-up, townhomes over flats, and a clubhouse that includes an exercise room, computer lab, kitchenette, laundry facilities, and a management office. Each apartment will have a full kitchen, living and dining areas, full baths, generous bedrooms, ample closet space, energy efficient heating and cooling systems that meet the Energy Star Homes Program requirements, and Energy Star appliances such as a dishwasher, frost-free refrigerator, and electric oven and range hood. Located immediately adjacent to New Jersey Transit’s River Line, which provides convenient access to Trenton, Camden, Atlantic City, Philadelphia, among other job hubs, Riverfront Village allows residents to live an active, walkable lifestyle. Baldwin’s Elementary and Longfellow Elementary School, as well as various parks, places of worship, potential employment opportunities and Township facilities are located within a short walk from the site. Westfield Avenue and North Crescent Boulevard (Route 130) are located a half-mile and one mile, respectively, from the site. Both economic corridors include various establishments for shopping, dining, recreation, entertainment, and employment. 

Riverfront Village, which is located within close proximity to U.S. Route 130, New Jersey Route 70, Route 30, and Route 38, is part of Pennsauken’s Waterfront Master Plan, a designated Redevelopment Area pursuant to the NJ Local Redevelopment and Housing Law. Moreover, NJ Route 90 and Interstate 676 that provide access to the Ben Franklin and Betsy Ross Bridges are also close by. 

“The Riverfront Village redevelopment project will reposition a vacant and blighted ACME building, large surface parking lot and overgrown vegetation into a distinguish residential community providing  both a social and economic asset to Camden County,” said HMFA Executive Director Marchetta. “We are thrilled to have provided the capital financing that enabled the development of this project that provides residents with access to safe, decent, affordable housing while contributing to the local and state economy.”

Annually, states are allocated low-income housing tax credits by the federal government on a per-capita basis. HMFA, as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the State. Riverfront Village at Pennsauken was awarded the extremely competitive 9% LIHTCs from the 2013 non-Sandy Family Cycle that provided close to 79% of the funding.

The project is being developed by Conifer Realty, LLC, a real estate developer, general contractor and property manager based in Mount Laurel, NJ.

For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit

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