The Michaels Organization’s transformation of Ablett Village in the Cramer Hill neighborhood of Camden, NJ, continues apace, with the first on-site phase of new family housing awarded more than $1.75 million in Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency.
“The tax credits offer a critical funding source for the new development, which is part of an ongoing transformation plan to invest in the historic neighborhood of Cramer Hill and redevelop Camden City’s oldest public housing community,” said Michaels' Nicholas Cangelosi, who is serving as the lead developer. “We are grateful for the support of the NJHMFA, as well as the support of HUD, the City of Camden, and, our partner, The Housing Authority of the City of Camden.”
Low Income Housing Tax Credits, issued by the federal government and allocated through state agencies are the primary catalyst for the creation and preservation of affordable housing throughout the United States. The program allows developers to raise equity through the sale of the credits to private investors.
Ablett Village also benefited from $35 million in Choice Neighborhood Implementation (CNI) funding. The Michaels Organization is HACC's private sector housing partner for the comprehensive redevelopment, which includes 425 new mixed-income homes, community amenities, and abundant green space.
“The transformation of Ablett Village is the result of our community’s shared vision, cooperation, hard work, and perseverance,” said Melody Johnson-Williams, Executive Director of the Housing Authority of the City of Camden. “The HACC is thrilled to reach this latest milestone.’
Earlier this year, Michaels broke ground on a mixed-income and mixed-use building designated for seniors. This latest phase includes 55 units and is located across the street from the 125,000 Camden Kroc Center. The comprehensive revitalization plan also calls for health and wellness facilities, a fitness center, multipurpose rooms, recreation areas, and facilities for community organizations.
The other phases will be constructed throughout the Cramer Hill community providing existing and current residents with tremendous access to the robust community amenities located throughout the Cramer Hill neighborhood.
All four phases will have a mix of incomes with units for returning Ablett Village residents, affordable units and units set aside for households with middle incomes.
Along with Michaels Development, other members of the development team include Michaels Management and Michaels Construction, along with Michaels supportive services partner, Better Tomorrows. Urban Practice is serving as the Architect.Back to News Next article