Ingerman has broken ground on a 76-unit, age-restricted apartment complex in Ocean Township, thanks in part to federal funds earmarked for restoring the stock of affordable housing in places damaged by Hurricane Sandy.
The $17.7 million project is expected to be ready for occupancy by next summer, according to a news release from the Cherry Hill-based developer. When complete, the three-story “Willows at Waretown” will be open to residents age 55 and older.
Through the state Housing and Mortgage Finance Agency, the project was awarded about $6.7 million through the federal Fund for Restoration of Multifamily Housing, according to a separate HMFA news release. The program allows for-profit and nonprofit housing developers to secure zero- and low-interest loans for affordable housing projects in the nine New Jersey counties that federal officials designated as most impacted by the storm.
The project also was awarded federal Low-Income Housing Tax Credits, while the HMFA provided it with about $2.4 million in construction and permanent financing, plus a construction bridge loan of $6.8 million, the news release said.
Ingerman executives joined state and local officials Monday for a groundbreaking ceremony in Ocean Township, where about 10 percent of the homes sustained major or severe damage.
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