HMFA and MEND Join Together to Celebrate the Completion of 104-Unit Affordable Housing Development in Evesham Township (cont.)

MEND developed and built this new housing with its joint-venture partner Conifer Realty, LLC of Mount Laurel, NJ.  The housing is a major component of Evesham Township’s state-mandated COAH obligations. Evesham Township acquired the site in 2007 and then deeded it to MEND when MEND/Conifer began construction of the project in February 2008.

Matthew Reilly, President nd CEO of MEND noted that the development is fully leased and that MEND had in excess of 2,000 applications for the 104 apartments. “The need for these apartments is simply overwhelming” Reilly said. “We are very happy for the 104 families that now occupy this beautiful new housing. But we are also saddened by the many hundreds of needy (and now disappointed) families that we had to turn away.”

Financing for the $20 million dollar development was provided in part by the following:
$12 million from Low Income Housing Tax Credits allocated by the NJ Housing and Mortgage Finance Agency; $3.6 million in Balanced Housing Funds from the NJ Department of Community Affairs; a $2.7 million mortgage from the NJ Housing and Mortgage Finance Agency; $500,000 in federal HOME funds from the Burlington County Board of Chosen Freeholders; $202,000 in rebates from the NJ Board of Public Utilities through its NJ Clean Energy Program; and a $200,000 Affordable Housing Program grant the Federal Home Loan Bank via Columbia Bank. Also, The Reinvestment Fund provided predevelopment funding to MEND and Citizens Bank, NA provided interim construction financing.