This week the New Jersey Housing and Mortgage Finance Agency (HMFA) celebrated the dedication of 55 Harvey at Providence Square, a 53-unit affordable senior housing community located in New Brunswick’s Transit Village area. The new senior apartment community is a four-story building for low income residents in the area and is located next to the existing 98-unit Providence Square Senior facility.
The HMFA helped finance the project by providing $7.4 million in federal tax credit funds toward development costs, $3.7 million in Tax Credit Assistance Program (TCAP) funds and $3.7 million in Tax Credit Exchange (TCX) to 55 Harvey at Providence Square. The project is being developed as a partnership with the New Brunswick Housing and Redevelopment Authority and Pennrose Properties, a Philadelphia-based real estate developer and property manager.
“55 Harvey at Providence Square is a shining example of a true public-private partnership between local and state governments and private developers to create affordable homes for our senior citizens,” said New Jersey Department of Community Affairs Commissioner Lori Grifa, Chair of the HMFA. “It is a testament to everyone involved, during this time of scarce financial resources and economic uncertainty, that seniors in the New Brunswick community now have access to excellent housing and supportive services to enjoy.”