Federal Funding Set Aside For Lawrence Affordable Housing Project

LAWRENCEVILLE, NJ — Lawrence Township has received federal Low Income Housing Tax Credit (LIHTC) which will lead to the construction of new affordable housing, the Murphy administration announced Thursday.

In Lawrence Township the money will go towards building a 54-unit affordable housing rental complex on Texas Avenue. The project is being developed by RPM Development LLC and will be constructed on a 4.2-acre parcel at the back of Lawrence Shopping Center.

In all, over $23.1 million was awarded to 11 counties across the state. The tax credits are expected to generate approximately $231.4 million in private investment that will finance the construction of 20 developments — more than 1500 new affordable apartments for families, seniors, and residents with special needs, the administration said.

The New Jersey Housing and Mortgage Finance Agency received an unprecedented number of applications for proposed affordable housing developments in suburban municipalities, according to officials. The highly competitive tax credit funding process supports the construction of the most impactful, diverse and inclusive housing proposals.

The LIHTC program was established by the Tax Reform Act of 1986. Under the Murphy Administration and with this year's allocation, NJHMFA has awarded 9 percent tax credits toward the development of more than 5,200 affordable apartments, including more than 2,000 affordable senior and supportive housing units, in communities across the state.

“As the past two years have demonstrated, safe, stable housing is absolutely imperative to ensure the long-term health and economic stability of our families,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs and NJHMFA board chair. “Governor Murphy and I remain committed to the equitable development of affordable housing across the state. I am proud that the allocations this year will expand on the State’s historic FY2022 budget investment and produce more housing for all New Jersey residents.”

“New Jersey’s tax credit allocation plan uses objective criteria and targeted policy objectives to optimize our housing production capacity. This year's awards will boost housing in areas of high opportunity to incentivize economic opportunity for families and support older residents seeking to age in place,” said NJHMFA Executive Director Melanie R. Walter. “These awards represent a significant federal, state, community, and private investment in ensuring all New Jersey families can access sound jobs, good schools, and supportive services.”

For more information on NJHMFA programs, visit www.njhousing.gov.

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