The Salem Senior Village project will involve the rehabilitation of an existing senior living apartment building constructed in 2006, located in Salem, New Jersey. This development will consist of sixty-two (62) units, including sixty (60) one-bedroom apartments and two (2) two-bedroom apartments, with sizes ranging from 700 to 1,000 square feet. Rents will range from $296 to $1,171, with the project electing the 40% at 60% minimum federal set-aside, while adhering to NJHMFA guidelines on annual rent increases. The project will be funded through 4% Federal Housing Tax Credits, NJHMFA Tax-Exempt Bond Financing, the Special Needs Housing Trust Fund, and the Urban Preservation Program. Additionally, eight (8) units will be reserved for individuals with special needs, meeting all NJHMFA requirements for social services, project and unit amenities, community policing, and community facility standards. Each apartment will include a range, refrigerator, dishwasher, and disposal, along with electric heating and cooling. On-site management will be provided by EPAC Management, ensuring responsive support for residents. A state-of-the-art community space, along with planned social activities and events, will help foster a vibrant, connected community atmosphere for senior residents.
