A rendering of the Newcomb Senior Housing project in Vineland — Courtesy: Eastern Pacific Development
By Joshua Burd
A developer has secured $32 million in financing commitments for a pair of affordable housing projects in Cumberland and Camden counties.
The Vineland-based firm, Eastern Pacific Development, announced Thursday that it was awarded financing under the federal 9 percent Low Income Housing Tax Credit program, which is administered by the New Jersey Housing and Mortgage Finance Agency. The awards will support a 70-unit, age-restricted project in the developer’s home city and the 60-unit third phase of an affordable housing property in Winslow Township.
“There is an ongoing need for high-quality senior and affordable housing in many communities, as well as a tremendous need for investment to repurpose blighted properties and improve the quality of life in those neighborhoods,” said Hans Lampart, president of Eastern Pacific Development. “I am excited to be moving forward with these projects and for the positive impact they will have on the families and individuals they will serve.”
In a news release, Eastern Pacific said its Newcomb Senior Housing project in Vineland will be a four-story building serving residents 55 and older, who will be required to have 60 percent or less of Cumberland County’s median income. The building will include emergency call buttons in all units, two elevators, laundry facilities on each floor, on-site property management and planned social activities and events.
In Camden County, the firm’s Winslow Cross Creek phase three will include a mix of layouts ranging from two- to four-bedrooms, the news release said. The size of the units will range from 1,250 square feet to 1,650 square-feet, with monthly rents ranging from $259 to $1,252.
Plans call for a community building, a play area for children and social activities and events, expanding beyond earlier phases of the project that were completed in 2014 and 2015. Both phases were leased up within 30 days of completion, Eastern Pacific said, noting that the firm is also planning a fourth phase.
The Vineland and Winslow projects are budgeted at $17 million and $19 million, respectively.
“I want to thank the NJHMFA and the (Department of Community Affairs) for selecting both projects to be funded under this allocation of credits,” Lampart said. “It is always an extremely competitive process, so I think this speaks highly of the developments and our track record of success.”