Michaels Awarded Three Competitive 9 Tax Credit Allocations From New Jersey Housing And Mortgage Finance Agency
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Allocations will support the creation of 262 affordable homes in urban and suburban neighborhoods throughout the Garden State
December 16, Camden, NJ-- The Michaels Organization announced today that the company has secured three separate 9% tax credit awards granted by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The allocations will support the development of 111 homes in Saddle River, 72 homes in Woolwich Township and 75 homes in Camden City.
“We are so proud of the opportunity to be able to bring high quality affordable housing to these three communities and grateful to the NJHMFA for their tremendous support of our efforts.” said John O’Donnell, CEO of The Michaels Organization.
Tavistock at Woolwich, in South Jersey’s Woolwich Township, represents a $16 million development consisting of 75 affordable townhomes adjacent to a licensed daycare and in close proximity to shopping, entertainment, schools, and religious facilities.
The competitive 9% allocation for Saddle River Family Housing will support the development of a new 111-unit community serving families with a variety of low and moderate incomes, including those who work in the community but who can’t afford to live there due to high housing prices.
“The proposed affordable community is a unique opportunity to bring quality housing to a high-opportunity suburban municipality where low-income residents would otherwise not have access,” said Michaels Vice President, Jonathan Lubonski, Saddle River Housing lead developer. “The thoughtful layout and design of the apartments will have a complimentary impact on the neighborhood. Future residents will enjoy the benefits of living in a Borough with great schools, amenities, and services, while helping Saddle River meet its goals to provide for safe, decent, high quality affordable housing,” Lubonski said.
Cramer Hill Family will be a $19 million, 75-unit affordable community in the Cramer Hill neighborhood of Camden, NJ. The new townhome style apartments will bring infill development that helps add to the fabric of the neighborhood. Cramer Hill Family is one phase of a larger four phase redevelopment plan to transform the City of Camden’s oldest public housing community, William Stanley Ablett Village, and build replacement housing throughout the Cramer Hill neighborhood. Through the redevelopment, Michaels, in partnership with The Housing Authority of the City of Camden, will replace the obsolete housing at Ablett Village with new, traditional townhome style apartment homes for families with ample parking, community spaces and green areas.
The Cramer Hill Family tax credits will assist tremendously when Michaels submits a CHOICE Neighborhoods Implementation grant application for this neighborhood revitalization efforts on December 16, 2020.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
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