NJHMFA creates apartments for New Jersey families
TRENTON, NJ — Opening the door to over 1,200 new apartments affordable for families, seniors and residents with special needs, the Murphy Administration has awarded over $22 million in annual 9% federal Low Income Housing Tax Credits (LIHTC). The highly competitive tax credits are expected to generate $214.7 million in private investment to create 17 developments totaling nearly $325 million to help build a stronger New Jersey. The 2019 awards, administered under the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) new, innovative guidelines, will create apartments for families in Closter, veterans in East Greenwich and seniors in Branchburg, among other projects. The new guidelines place greater emphasis on locating housing in areas providing children access to good school systems; creating on-site services, such as nurses and health-related programs, in senior housing to enable them to remain in their community; and renew emphasis on mixed-income development to avoid segregating low- and moderate-income housing.