New Jersey affordable housing projects secure $22.5M in tax credits

Seventeen affordable housing projects in New Jersey have secured $22.5 million in funding from the New Jersey Housing and Mortgage Finance Agency, Real Estate NJ reported. The funding falls under the Low Income Housing Tax Credit Program and will go toward creating approximately 1,200 apartment units for “families, seniors and residents with special needs,” according to the outlet. The projects include a Cornerstone Community Partners development in Camden and an RPM Development Group development in South Brunswick. Lt. Gov. Sheila Oliver in a statement said the tax credits “make it financially possible to build and rehabilitate affordable housing for residents in New Jersey.” [RE-NJ]