Developer gets state funding to help build affordable senior housing in Egg Harbor City - pressofAtlanticCity.com: Egg Harbor City

Developer gets state funding to help build affordable senior housing in Egg Harbor City - pressofAtlanticCity.com: Egg Harbor City

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Developer gets state funding to help build affordable senior housing in Egg Harbor City

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Posted: Thursday, August 8, 2013 8:27 pm

EGG HARBOR CITY — A developer has gotten state funding to build 100 units of affordable senior housing at the site of the demolished Fanny D. Rittenberg Middle School.

Senior Vice President Charles Lewis said Conifer Realty of Mount Laurel, Burlington County, and its Rittenberg Urban Renewal Associates, were notified last Thursday it will receive about $1.4 million in Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency, which it will sell to investors to raise about $13 million; and another $5 million in zero percent soft loans from Hurricane Sandy relief funds, to be paid back based on income from the property. That leaves $2 million to be financed through a mortgage.

Lewis said construction on the four-story building will start by the end of the year on the two-acre plot in the 500 block of Philadelphia Avenue and be complete about a year from the start date. He expects Conifer to begin taking applications from seniors who want to live there by September 2014.

The Rittenberg school was demolished and the site prepared for redevelopment in 2011 at a cost of $250,000, paid by the Egg Harbor City School District.

“We’ve been a long time waiting for this project to get started,” Council President Ed Dennis said as he instructed the city engineer to write to the state Department of Environmental Protection, to see what can be done to expedite the building process.

Conifer also got funding for two 80-unit family housing projects in Cape May County, one in Cape May Corut House and one in Rio Grande; and for another project in Long Branch, said Lewis. It has 60 senior affordable housing projects nationwide, including 16 in New Jersey, he said.

Ninety percent of the units would be for people making 50 percent to 60 percent of median income for the region, Lewis has said. Only 10 percent would be for those making 30 percent of median income.

At 60 percent of median income, a single person would have an income of $28,800, and a couple an income of $32,880, Lewis said. At 30 percent of median income, a single person would have an income of $14,400 and a couple $16,440, he said.

Contact Michelle Brunetti Post:

609-272-7219

MPost@pressofac.com

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