Affordable Senior Housing Developments Approved for Aspire Awards by NJEDA Board
Residential developments exclusively for seniors will be located in Gloucester & Middlesex counties
ATLANTIC CITY, N.J. (November 21, 2024) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved two Aspire tax credit awards for affordable housing developments in New Brunswick and West Deptford, providing 150 units for seniors, veterans, and unhoused communities.
“The Aspire Program serves as a cornerstone of Governor Murphy’s stronger and fairer economic strategy by increasing access to affordable housing and investing in communities across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The Hildebrand Commons and the Gordon H. Mansfield Veterans and Seniors Village will contribute to the long-term vibrancy and vitality of Gloucester and Middlesex counties, expanding the tax base and offering high-quality, accessible housing for hundreds of New Jersey residents.”
Hildebrand Commons, located at the former Hoffman Pavilion public housing facility in New Brunswick, will be a six-story building consisting of 66 housings units for seniors. 26 units will be reserved for income levels of 60 percent of the area median income (AMI), 26 units will be reserved for income levels of 50 percent of the AMI, and 13 units will be reserved for income levels of 30 percent of the AMI. The development will also include five special-needs units reserved for homeless individuals. Each unit will be equipped with an EnergyStar dishwasher and refrigerator, central air conditioning, and will comply with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Energy Star Homes Program.
The developer of Hildebrand Commons, Hoffman Housing Urban Renewal Associates, LLC, was approved for up to 60 percent of the total project cost, not to exceed $20.1 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.
“We are proud to partner with the NJEDA and Hoffman Housing Urban Renewal Associates on this transformative project, which not only addresses the critical need for affordable housing but also enhances our community by providing state-of-the-art, energy-efficient homes for those who need them most,” said New Brunswick Mayor Jim Cahill. “Hildebrand Commons represents a significant step forward in ensuring that New Brunswick remains a city where our senior residents can live with dignity, security, and opportunity.”
The project located in West Deptford, known as the Gordon H. Mansfield Veterans and Seniors Village, will be a newly constructed 84-unit residential development exclusively for seniors and veterans. The four-story building will include a total of 84 one- and two- bedroom units. 63 units will be reserved for seniors at low- and moderate-income levels, 21 of which will be for veterans experiencing physical or mental disabilities. Amenities for the development include space for telehealth appointments, private space to meet with case managers or outside service providers, a community room, lounges on each floor, laundry rooms, and outdoor gathering space.
The development owners, West Deptford Apartments LLC, were approved for up to 60 percent of the total project cost, not to exceed $25.3 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.
The co-applicant of the project, Soldier On Veterans Village IX LLC, will provide a variety of services and programs to help residents live independently. Services include financial literacy, legal services, nutritional education, transportation services, and mental health and substance use education.
“The Gordon H. Mansfield Veterans and Seniors Village is a testament to our commitment to supporting both our seniors and veterans, two of the most deserving groups in our community,” said West Deptford Mayor James Mehaffey. “This development will not only provide affordable, high-quality housing but also offer vital services that empower residents. We are appreciative of all of the hard work in developing the project, and are appreciative of the NJEDA and Aspire program for helping facilitate the positive impact it will have on West Deptford.”
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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