VINELAND, NJ: Eastern Pacific Development, which specializes in affordable housing and community redevelopment, has been awarded financing commitments totaling $27,000,000 million for two new projects in Cumberland County and Camden County, New Jersey. The 9% Low Income Housing Tax Credit (LIHTC) allocations were awarded by the New Jersey Department of Community Affairs (NJDCA) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) from the 2023 Tax Credit Authority.
Construction is expected to begin on both projects by the end of 2023. Both will be managed by EPAC Property Management. Project construction is budgeted at $10 million and $19 million respectively.
“We are working hard to increase the development of affordable housing options throughout the south jersey region,” said Eastern Pacific Development President Hans Lampart. “These projects not only create good construction jobs, but they also provide opportunities for low-income families to have equitable access to safe, quality, affordable housing, and the chance to achieve upward mobility in their economic future.”
Winslow Cross Creek Phase 5 includes 2, and 3, bedroom townhouse-style units, each with a garage and on-site parking. The large units will range in size from 1,200 square feet to 1,400 square feet and will feature Energy Star rated appliances including a refrigerator, and dishwasher. Residents will also have access to an existing community building, a play area for children, and planned social activities and events. In addition to 4 previously completed phases containing 155 family units and a 74-unit senior building the master-planned Winslow Cross Creek project also includes the CCUM Baptist Church.
The Phoenix Cross Creek Phase 2 project will include 3-bedroom townhouse-style apartments, approximately 1,400 square feet in size. This project will include 60 affordable family housing units and will be the first phase completed in the newly approved masterplan community of 150 Family Units and a 70-unit senior building. All units will also have a garage and will comply with both NJHMFA “Green Home” and “Energy Star” requirements. Apartment amenities include a range, refrigerator, dishwasher, disposal, gas heating, and electric cooling. Residents will also have access to a community building, a play area for children, and planned social activities and events.
“Affordable housing is an essential growth strategy, which supports both economic and community development. The LIHTC program is a critical part of our ability to create affordable housing opportunities throughout New Jersey. It is always an extremely competitive process, so I want to thank the NJHMFA and the NJDCA for recognizing Eastern Pacific’s proven track record of success with similar projects, and for selecting both developments to be funded under the 2022 cycle We look forward to completing the closing process and to breaking ground as soon as possible,” Lampart concluded.
