NORTH CAPE MAY— Conifer Realty L.L.C. and Homes For All Inc. will break ground on a 90-unit affordable rental housing development for senior citizens Monday Oct. 19 at 11 a.m. at 3805 Bayshore Rd.
The site is located near Victoria Manor and Victoria Commons.
A number of state, county and local officials will attend including Lower Township Mayor Michael Beck and Marge DellaVecchia, executive director of the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
The development, known as Conifer Village, will contain 63 one-bedroom units and 27 two-bedroom apartments on the 6.5-acre site near the intersection of Bayshore and Townbank roads.
Each apartment will have a balcony or patio, gas heat and central air conditioning, wall-to-wall carpeting and a dishwasher and garbage disposal. Amenities will include laundry facilities, a community room with kitchen, an exercise room, computer room and a lounge.
According to a press release from Conifer Realty L.L.C., the building will incorporate a number of green features. The property is being developed under the New Jersey Clean Energy Program so all heating/cooling equipment and appliances will have an Energy Star rating.
The building will use solar panels that will provide at least 75 percent of the electricity to common areas.
Funding for the $19 million development was provided in part by $12.1 million in Low Income Housing Tax Credits from NJHMFA, a $3.4 million in Tax Credit Assistance Program Fund also provided by NJHMFA, $200,000 in renewable energy credits provided by the United States Department of Energy and a $570,000 loan from Sturdy Saving Bank under the Affordable Housing Program of the Federal Home Loan Bank of New York.
The $3.4 million in Tax Credit Assistance Program funds are being provided under the Obama Administration American Reinvestment and Recovery Act, also known as the Stimulus Act.
The stimulus funds along with other funding will result in the creation of approximately 200 construction jobs in addition to work for architects, engineers, market analysts and title insurance agencies.
Lower Township Zoning Board approved the project in 2006. At that time, Architect Jeffrey Clifton said two-bedroom units would measure 950 to 1,300 square feet and one-bedroom units, measuring 750 to 800 square feet. He said the building would have two wings with two elevators from the lobby.
Conifer Realty is a full service real estate company specializing in the development, construction and management of affordable housing communities. It has developed over 200 properties and more than 15,000 apartment units.
Conifer Realty concentrates its business in New Jersey, New York, Pennsylvania, Ohio and Maryland and owns and manages over 11,000 apartments in those locations.
Homes For All Inc. is a non-profit corporation providing affordable housing to people of all income levels since 1986 developing over 300 units in Toms River and Berkeley Township.
