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 Foundations 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.
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:
|$ 5,050,000||Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC)|
|$ 14,500,000||Tax-exempt Bonds|
|$ 7,009,200||Federal Low-Income Housing Tax Credits (LIHTCs)|
|$ 2,441,100||Existing Property Reserves|
|$ 897,700||Property Cash Flow|
|$ 353,800||Energy Rebates|
|$ 8,485,000||Deferred Sale Price|
|$ 45,000||Hard Cost Per Unit|
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
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low to moderate income families. Since 1994, NHPF has acquired and preserved 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 56 properties, totaling 10,000 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.