AHP Success Stories
NJHMFA Constructs Affordable Housing Facility for Low to Moderate Income Families in Camden, NJ
On November 27, 2012, community leaders and local and federal officials gathered to celebrate the grand opening of Morgan Village, a new 40-unit affordable housing facility serving low to moderate income families in Camden, New Jersey. All of the units will serve families earning less than 60 percent of the area median income, with five units reserved for individuals with special needs. Morgan Village will also provide supportive services to all its residents, including on-site educational and job training programs.
It took a collaborative effort to secure funding for this project, which included $6.5 million in financing from the HUD Neighborhood Stabilization Program 2 administered through the Housing Authority of Camden; a $500,000 allocation from the NJHMFA Special Needs Housing Trust Fund; and Low Income Housing Tax Credits equity. An Affordable Housing Program grant of $555,674 filled the financing gap, and was used to help fund construction costs. This project was sponsored by FHLB member, Liberty Bell Bank, headquartered in Marlton, NJ. Morgan Village continues the revitalization efforts to preserve this historic neighborhood, and this affordable housing has met an essential need within South Camden – as made evident by the fact that the apartments were nearly fully occupied shortly after construction was completed.
AHP is a subsidy program in which funds are awarded through a competitive process to member lenders in support of projects that create and/or preserve housing for lower income families and individuals. For more information on the AHP program, or to see if the housing project you have in mind is eligible for AHP funding, contact us at (212) 441-6850 or [email protected].