New Jersey Affordable Housing Breaks Ground
- Dec 16, 2019
Nonprofit organization Project Freedom has started work on Freedom Village at Robbinsville, a 72-unit affordable housing development for families and adults with special needs. The New Jersey Housing and Mortgage Finance Agency allocated the $20 million project 9 percent low-income housing tax credits that are anticipated to generate roughly $13 million in private equity.
The agency is also involved in the construction of Freedom Village at Gibbsboro, another 72-unit affordable housing community in Gibbsboro, N.J.
The development is set to include four three-story buildings with one- to three-bedroom apartments for families with incomes up to 50 percent of the area’s median income. Ten units will be set aside for residents with developmental disabilities and eight apartments will cater to individuals with mental health challenges. Freedom Village will also be accessible to those who use wheelchairs.
Apart from LIHTC, the project also benefits from other financing sources: $600,000 from Robbinsville’s Affordable Housing Trust fund, $500,000 in Mercer County Home funding and $1.7 million from the Federal Home Loan Bank of New York. Freedom Village at Robbinsville is scheduled to open in the fourth quarter of 2020.
Located at North Commerce Square & Route 33, Freedom Village will be right across from Robbinsville Town Center North. The project joins the developer’s original Robbinsville 30-unit community which opened in 1991. The upcoming property will be close to a bus stop, as well as several dining options, a bank, a pharmacy and other retailers.