New Jersey officials celebrated Friday the grand opening of the $61.2 million Rush Crossing apartment community in Trenton, which will be the largest housing development in that city in more than 10 years.
The creation of the 204-unit complex, which was built on a former public housing site, generated about $97 million in one-time revenue and approximately 581 full-time jobs while it was under construction, the New Jersey Housing and Mortgage Finance Agency said in a news release.
The HMFA had provided the project with $31.7 million in funding and tax credits that generated $21.6 million in private equity.
“I am so pleased that the HMFA, New Jersey’s affordable and workforce housing bank, provided the critical financing that brought Rush Crossing to fruition,” HMFA Executive Director Anthony L. Marchetta said in a statement. “Under the HMFA’s Multifamily Conduit Bond Program, well-capitalized developers can benefit from the most competitive interest rates, Agency-provided tax-exempt financing, and Low Income Housing Tax Credits.”