Tax Credit Rehabilitating
of Affordable Housing in
Glassboro, New Jersey

252 Hollybush Gardens
Glassboro, NJ 08028


Rental Information,
Amenities, and Floorplans


ACQUISITION / PRESERVATION / REDEVELOPMENT

Hollybush Gardens

Hollybush Gardens offers well-priced 1-, 2- and 3-bedroom apartments with private entrances, fully equipped kitchens, plush carpeting, ample storage, off-street parking, and green space with mature trees. In addition, The NHP Foundation’s Operation Pathways coordinates a variety of activities for children, adults and seniors. The convenient property location on the NJ Transit Line is great for commuters, and transportation for seniors helps with necessary errands. Monthly rent includes heat and hot water.


TOTAL COST
$ 33,686,800

DESCRIPTION
Hollybush Gardens’ property income mix includes 181 units at or below 50% AMI, 46 units at or below 60% AMI, 25 units at or below 95% AMI.

FINANCING
Secured financing and funding for this project included:
$ 5,050,000Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC)
$ 14,500,000Tax-exempt Bonds
$ 7,009,200Federal Low-Income Housing Tax Credits (LIHTC’s)
$ 2,441,100Existing Property Reserves
$ 897,700Property Cash Flow
$ 353,800Energy Rebates
$ 8,485,000Deferred Sale Price
$ 45,000Hard Cost Per Unit




FOLLOW OUR COMMUNITY BUILDING

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NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 82 properties, totaling 14,379 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 41 properties, totaling 6,921 apartment units, in 16 states and the District of Columbia.