Opening the door to over 1,200 new apartments affordable for families, seniors and residents with special needs, the Murphy Administration announced today it has awarded over $22 million in annual 9% federal Low Income Housing Tax Credits (LIHTC). The highly competitive tax credits are expected to generate $214.7 million in private investment to create 17 developments totaling nearly $325 million to help build a stronger New Jersey.
Among the 2019 awards, administered under the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA), was one for Project Freedom for its Freedom Village at Hamilton Wood located in Hamilton Township, Mercer County. This is the 12th successful award of LIHTCs for the organization. Once completed by 2022, Freedom Village at Hamilton Wood will be the second Project Freedom complex in Hamilton Township and the seventh in Mercer County
The LIHTC program, which was established by the Tax Reform Act of 1986, is the most prolific source of funding for new affordable rental apartments for residents. Under this administration to date, NJHMFA has financed or awarded tax credits toward the creation or rehabilitation of over 6,400 affordable apartments across the state, and an additional 440 market-rate apartments with a total development cost of $1.45 billion.