Hollybush Gardens

Tax Credit Rehabilitating of Affordable Housing in Glassboro, New Jersey

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


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.

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