CAMP SALUTE: AFFORDABLE HOUSING FOR VETERANS
People for People Foundation and Conifer Reality have been awarded $1.7 million in tax credit to fund CAMP SALUTE, an affordable housing development to be built in Clayton, NJ.
Third Legislative District News Release
|FOR IMMEDIATE RELEASE: November 9, 2015 Senate President Steve Sweeney www.njlegdistrict3.com Deputy Speaker John J. Burzichelli (856) 251-9801 Assemblyman Adam Taliaferro|
Camp Salute Veterans Housing Program Awarded $1.7 Million In Tax Credits
Housing Units Will Help Veterans
WEST DEPTFORD – Senate President Steve Sweeney and Robert M. Damminger, Gloucester County Freeholder Director announced today that newly-created Camp Salute in Clayton was awarded $1.7 million in tax credits for the construction of 76 low-income housing units, primarily for veterans. The federal funds were awarded by the New Jersey Housing and Mortgage Finance Agency. The project is being pursued by the People for People Foundation and Conifer Realty.
“This housing will be extremely important to the families who will now have homes to live in that they can afford,” said Senator Sweeney. “The emphasis on veterans, especially those with disabilities, is the right thing to do. The funding is also helpful to the entire community because it helps remove any financial responsibility from the county and towns in the area.”
Camp Salute is a 76-unit project of affordable housing that will set aside 25 percent of the units for veterans with mental or physical disabilities and all veterans will be given a preference for the remaining 75 percent of the units.
“Veterans deserve our support and assistance, especially if they are dealing with mental or physical disabilities,” said Freeholder Damminger. “The men and women who served our country in uniform deserve our help and support.”
The development, to be located at 865 North Delsea Drive in Clayton, will consist of 14 one-bedroom apartments, 40 two-bedroom units, and 22 three-bedroom homes. Five of the units will be set aside for the homeless.
“I want to convey my sincere appreciation to Senator Sweeney and Freeholder Damminger for working with us to secure the financial support,” said Bernadette Blackstock, of the People for People Foundation. “We believe in our veterans and we believe in providing them with access to safe and secure affordable housing options.”
The Federal Low Income Housing Tax Credit Program, where the funding originates, has a reputation of being one of the most successful federal housing programs in history. The credits are a dollar for dollar reduction in federal tax liability, act as a catalyst to attract private investment into the historically underserved affordable housing market. The additional capital mitigates the debt burden incurred in the construction and rehabilitation development process, which means less rental income is necessary for operations.
Camp Salute is a joint venture between the People for People Foundation and Conifer Realty. … Another five will be set aside for residents of Gloucester County who are …