The first of a three-phase affordable housing project to replace an aging public housing complex has opened in Woodbridge.
A partnership between the New Jersey Housing and Mortgage Finance Agency, Collingswood-based Ingerman Management Co. and BCM Affordable Housing, Jacob’s Landing will feature 204 apartments in seven, three-story breezeway-style buildings.
Phase One features 84 affordable housing units, with 66 to receive project-based rental assistance under the Rental Assistance Demonstration program that allows public housing agencies and owners of properties assisted by the U.S. Department of Housing and Urban Development to convert units to project-based Section 8 programs.
Incomes for these units range from very low to moderate, while five units are set aside for homeless individuals and families.
“Jacobs Landing is a much-needed project to improve the quality of life for residents who have been living in older public housing,” NJHMFA Executive Director Charles Richman said. “The development’s complete makeover not only enhances the surrounding community, but also increases the number of affordable apartments for families in the area.”
NJHMFA awarded nine percent Low Income Housing Tax Credits to the development, with federal tax credits expected to generate $18.6 million in private equity for the project.
Construction on Phase Two is expected to be completed in the summer of 2019, while Phase Three construction is set to begin next year.