A ribbon-cutting ceremony last week marked the completion of Ivy Square Apartments, a major rehabilitation project which overhauled a 156-apartment community affordable to families. The event was attended by New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman.
Located on a nearly 7.5-acre site, the project, developed by Boston-based WinnDevelopment, involved an acquisition and two-phase rehabilitation of the former Bridgeton Villas, an existing two-story, walk-up garden-style apartment complex of eight buildings built between 1966 and 1969.
The extensive renovation modernizes the complex and improves energy efficiency, which will results in savings for tenants and management, and also enhances the surrounding neighborhood. The development includes one-, two- and three-bedroom apartments affordable to households at 60 percent or below the area median income. Ten apartments provide homes for homeless individuals and families, and five apartments are handicapped accessible.
Interior renovations included upgraded kitchens, bathrooms, and heating and air conditioning systems. Exterior work included new landscaping, new roofing, painting and facade repairs, a new playground, and construction of a new community building with a fitness center. Residents remained in place during the renovation work.
NJHMFA awarded Phase I of the project 4 percent Low Income Housing Tax Credits (LIHTC), which generated $6.4 million in private equity. NJHMFA also provided $9.6 million in construction and permanent financing as well as $1 million from its Special Needs Housing Trust Fund, which helps create permanent supportive homes for residents with special needs.
Phase II was awarded very competitive 9 percent LIHTC, which generated $11.3 million in private equity, and NJHMFA also provided $3.1 million permanent financing. The buildings, very much in need of rehabilitation, were awarded tax credits under the program’s preservation set aside.
The property is located in the Glen View neighborhood of Bridgeton, close to a school, grocery stores and open space. Ivy Square Apartments residents can utilize free on-demand public transportation provided to the general public as part of the Cumberland Area Transit System.
WinnResidential, the property management arm of WinnCompanies, is partnering with Gateway Community Action Partnership to provide supportive services for residents of the 10 apartments providing homes for homeless residents and families.
For more information on NJHMFA programs, visit njhousing.gov.
