The New Jersey Housing and Mortgage Finance Agency (NJHMFA) began work on the second redevelopment phase of a neglected and obsolete public housing property in Camden, N.J. The $21.5 million development will encompass 72 affordable units for families earning up to 60 percent of the area’s median income. Michaels Development serves as the developer of the project, which also includes a prospective 58-unit third phase, according to Yardi Matrix data.
This property is currently under construction.
|1 Bedroom (1/1)||650||$825|
|2 Bedroom (2/1)||860||$899|
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
The Branches at Centerville is managed by The Michaels Organization.