Trenton, NJ – A Jersey City apartment complex that provides affordable residences to workforce families and was financed in part by the New Jersey Housing and Mortgage Finance Agency (HMFA) received the Charles L. Edson Tax Credit Excellence Award in the Public Housing category from The Affordable Housing Tax Credit Coalition (AHTCC), a Washington, D.C.-based trade organization of housing professionals who advocate for affordable rental housing financed using the federal Low Income Housing Tax Credit (LIHTC) program.
Located in a designated New Jersey Smart Growth Area on the west side of Jersey City, Gloria Robinson Court Homes IV is part of the A. Harry Moore HOPE VI Revitalization Plan, which was formalized in 2005 by the Jersey City Housing Authority (JCHA) to redevelop obsolete and deteriorating public housing throughout the city.
The complex was developed by Pennrose Properties and consists of 70 rental units in four buildings. It includes an 11-classroom Jersey City Head Start offering Pre-K early childhood education programs. The development marked the fourth and final phase of the Jersey City Housing Authority’s transformation of a vacant high-rise public housing project.
“The Gloria Robinson Court Homes IV development is providing much needed affordable housing for residents and is helping to revitalize the neighborhood,” said New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman, who also serves as chairman of the HMFA board. “We appreciate this worthwhile project is being recognized for the positive impact it is making on the community.”
The HMFA awarded Gloria Robinson Court Homes IV the highly competitive 9percent LIHTC, which generated approximately $15.8 million in private equity. Additionally, the project was awarded $3.9 million through the Fund for Restoration of Multifamily Housing (FRM) Program, which was created in the aftermath of Superstorm Sandy and provides qualified housing developers with subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm.
“HMFA is proud to administer the Low-Income Housing Tax Credit program for the benefit of New Jersey’s hard working families, seniors and individuals with special needs,” said HMFA Executive Director Anthony L. Marchetta. “The Agency has prioritized locating housing in high-opportunity areas to fulfill its mission to provide decent, safe and affordable homes near transit, good schools and job centers.”
The LIHTC program is the federal government’s primary tool for creating and preserving nearly all affordable rental housing nationwide. It is considered to be the most successful affordable housing production program in the nation’s history. The program has financed an estimated three million homes for veterans, seniors, working families, people with special needs, and other residents since it was signed into law by President Ronald Reagan.
“The Edson Awards recognize the Housing Credit’s ability to strengthen lives, communities and the economy,” said Anthony J. Alfieri, president of AHTCC. “Award recipients exemplify how vital the Housing Credit is as the primary source of financing for affordable rental housing in every city, county, and state.”
The awards were presented at a ceremony in Washington, D.C. on June 7