The executive staff of the New Jersey Housing and Mortgage Finance Agency (NJHMFA) kicked off construction of 75 affordable rental apartments as part of the next phase of redevelopment of a former public housing site in Camden’s Centerville neighborhood.
Branch Village Townhomes II is the third phase of the Branch Village comprehensive revitalization of the former Clement T. Branch Village. The new project will include 11 two- and three-story buildings housing one- to three-bedroom apartments for residents earning up to 80 percent of area median income (AMI). Five apartments will be set aside for homeless individuals.
NJHMFA awarded the $20.5 million development 9 percent Low Income Housing Tax Credits, which are expected to generate $15.9 million in private equity.
Clement T. Branch Village was the last traditional public housing development in the neighborhood’s Mount Ephraim Avenue corridor, a main thoroughfare to the east of the development. Eight two-story brick buildings were demolished, and three new public roads will be introduced to better integrate the property with the rest of the neighborhood.
“This new development continues the revitalization of this site, bringing new life to the neighborhood and providing safe, affordable homes for families,” said NJHMFA Executive Director Charles Richman. “This area is one that is in need of redevelopment but one that is changing quickly. We are proud to be part of these efforts through the award of Low Income Housing Tax Credits, which have been a vital tool in the creation of affordable housing in New Jersey.”
The development partners are The Michaels Organization and the Housing Authority of the City of Camden (HACC), which worked to relocate residents who can opt to return to the new townhomes once completed.