Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) and other community leaders recently celebrated the completion of Conifer Village, an affordable senior housing community in Cape May County. Conifer Village is a new, three-story building that features 63 one-bedroom units and 27 two-bedroom units as well as a community room, exercise room, computer room, and lounges. All units include a full kitchen, living and dining area, a full bath, a bedroom, Energy Star appliances, and an energy-efficient heating and cooling system. Conifer Village has an 86 kW solar electric system that is designed to reduce the utility costs in common areas by 75%. The senior living project received the New Jersey Energy Star Program Tier II efficiency certification and is restricted for seniors 62 years of age and older with incomes below 60 percent of area median income.
"Conifer Village is a shining example of a public-private partnership between local and state governments and private developers to create affordable homes for our senior citizens," said DCA Commissioner Lori Grifa, who is 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 Greater Cape May community now have access to excellent housing and supportive services."
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.4 million in permanent financing along with federal Low Income Housing Tax Credits, which will generate approximately $12 million in private equity. The project also received approximately $3.6 million in subsidy from the Tax Credit Assistance Program (TCAP) that was made available to the HMFA through the federal American Recovery and Reinvestment Act of 2009.