Governor Corzine Announces $78 Million In Federal Tax Credit Assistance For Low Income Housing Development (cont.)

The announcement was made at Horizon Heights, a development that straddles the municipalities of West New York & Union City.  Horizon Heights will provide 52 units of affordable family housing including fourteen units of service enriched housing for individuals with special needs.  Six of the special needs units will be set aside for individuals with mental illness and the remaining eight special needs units will be set aside for individuals with developmental disabilities.
 
On July 21, 2009, Governor Jon S. Corzine announced the second round of funding this year under the Tax Credit Program administered by HMFA awarding $16,165,287 in Tax Credits and $22,634,105 in American Recovery and Reinvestment (ARRA) funding through the Tax Credit Assistance Program. These funds will spur the creation of 642 new housing units throughout the state. 
 
The tax credit program has so far this year funded over 1,500 units of affordable, high quality rental opportunities for New Jerseyans throughout the state and more funding is yet to come through the Tax Credit Assistance Program and the Tax Credit Exchange Program, which was also created by the American Recovery and Reinvestment Act.