The New Jersey Housing and Mortgage Finance Agency announced Thursday Governor Chris Christie recently joined Gloucester Township Mayor David Mayer to celebrate the opening of the $19.2 million, 80-unit mixed income multifamily community at Revere Run.
According to the announcement, the HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the development federal Low Income Housing Tax Credits that generated about $15.5 million in private equity, and provided $2.5 million in permanent loan financing. The project was jointly developed by New York-based Conifer Realty LLC and the Camden County Housing Association.
This $19.2 million project provides affordable housing opportunities and will generate about $30.5 million in one-time economic output and over $3.4 million in on-going economic output. Revere Run is a mix of green apartments and townhomes with units ranging from one to three bedrooms. Of the 80 units, 44 will be set aside for low-income individuals and families with seven for those with very low-income. Additionally, 23 units will be set aside for moderate-income individuals and families, and five for individuals with special needs including handicap accessible units on the first floor of each building, the company said in a statement.