In a continuing effort to increase the amount of affordable housing in the state, the board of the N.J. Economic Development Authority approved Aspire tax credit awards worth up to $20.1 million and $25.3 million in New Brunswick and West Deptford.
Combined, the two projects are expected to provide approximately 150 units for seniors, veterans, and unhoused communities.
The project in New Brunswick, Hildebrand Commons, will be located at the former Hoffman Pavilion public housing facility. It will be a six-story building consisting of 66 housing units for seniors – with 26 units reserved for income levels of 60 percent of the area median income, 26 units reserved for income levels of 50 percent of the AMI, and 14 units will be reserved for income levels of 30 percent of the AMI. The development will also include five special-needs units reserved for homeless individuals.
The developer of Hildebrand Commons, Hoffman Housing Urban Renewal Associates, LLC, was approved for up to 60 percent of the total project cost, not to exceed $20.1 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.
The project in West Deptford, known as the Gordon H. Mansfield Veterans and Seniors Village, will be a newly constructed 84-unit residential development exclusively for seniors and veterans – including 63 units reserved for seniors at low- and moderate-income levels and 21 units for veterans experiencing physical or mental disabilities. Amenities for the development include space for telehealth appointments, private space to meet with case managers or outside service providers, a community room, lounges on each floor, laundry rooms, and outdoor gathering space.
The development owners, West Deptford Apartments LLC, were approved for up to 60 percent of the total project cost, not to exceed $25.3 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.
The co-applicant of the project, Soldier On Veterans Village IX LLC, will provide a variety of services and programs to help residents live independently. Services include financial literacy, legal services, nutritional education, transportation services, and mental health and substance use education.
EDA CEO Tim Sullivan obviously was thrilled.
“The Aspire Program serves as a cornerstone of Gov. Murphy’s stronger and fairer economic strategy by increasing access to affordable housing and investing in communities across the state,” he said. “The Hildebrand Commons and the Gordon H. Mansfield Veterans and Seniors Village will contribute to the long-term vibrancy and vitality of Gloucester and Middlesex counties, expanding the tax base and offering high-quality, accessible housing for hundreds of New Jersey residents.”
New Brunswick Mayor Jim Cahill shared his enthusiasm.
“We are proud to partner with the NJEDA and Hoffman Housing Urban Renewal Associates on this transformative project, which not only addresses the critical need for affordable housing but also enhances our community by providing state-of-the-art, energy-efficient homes for those who need them most,” he said. “Hildebrand Commons represents a significant step forward in ensuring that New Brunswick remains a city where our senior residents can live with dignity, security, and opportunity.”
West Deptford Mayor James Mehaffey said the Gordon H. Mansfield Veterans and Seniors Village is a testament to the town’s commitment to supporting both our seniors and veterans.
“This development will not only provide affordable, high-quality housing but also offer vital services that empower residents,” he said. “We are appreciative of all of the hard work in developing the project and are appreciative of the NJEDA and Aspire program for helping facilitate the positive impact it will have on West Deptford.”
Aspire is a place-based economic development program created under the N.J. Economic Recovery Act of 2020 to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at the time of approval have been met before receiving their first disbursement of tax credits.
