According to the announcement, the HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the development federal Low Income Housing Tax Credits that generated about $15.5 million in private equity, and provided $2.5 million in permanent loan financing. The project was jointly developed by New York-based Conifer Realty LLC and the Camden County Housing Association.
This $19.2 million project provides affordable housing opportunities and will generate about $30.5 million in one-time economic output and over $3.4 million in on-going economic output. Revere Run is a mix of green apartments and townhomes with units ranging from one to three bedrooms. Of the 80 units, 44 will be set aside for low-income individuals and families with seven for those with very low-income. Additionally, 23 units will be set aside for moderate-income individuals and families, and five for individuals with special needs including handicap accessible units on the first floor of each building, the company said in a statement.