The County’s HOME loans will help fund 11 of the 54 total units
Burlington County Freeholder Director Kate Gibbs announced today that the Freeholder Board has taken measures to provide further assistance to a planned senior affordable housing project in Cinnaminson as the Board continues to actively address the needs of the elderly in the community.
During its meeting Jan. 10, the Board authorized an additional loan from the County’s HOME Investment Partnerships Program to Moorestown Ecumenical Neighborhood Development, Inc. (MEND) which will pave the way for completion of their long-awaited Senior Residence in Cinnaminson project on Riverton Road.
“The Freeholder Board is proud to be able to ensure this much-needed project in Cinnaminson becomes a reality,” said Director Gibbs. “Providing resources to seniors, who are among the most vulnerable in our communities, has always been one of the Board’s top priorities. I am looking forward to the completion of this project.”
The action taken by the Board authorizes the County Department of Human Services to issue a $240,000 loan to MEND to help transform the vacant Cinnaminson Home property into 54 units of low income senior housing. The Board previously authorized a $200,000 loan for the project in November 2016.
The County’s HOME loans will help fund 11 of the 54 total units. The project is estimated to cost about $12 million.
“The additional $240,000 request for HOME funds will prevent a potentially insurmountable funding gap for the project,” explained Director Gibbs. “Changes in the tax credit market created a situation in that the completion of the project would be in jeopardy without sacrifices made by MEND and additional support from the county.”
The County’s HOME Investment Partnerships Program is designed to work with local nonprofit and for-profit groups to fund a wide range of activities that build, buy, and rehabilitate affordable housing for rent or home ownership.
MEND is a private, nonprofit corporation that develops, builds, owns and manages affordable rental housing in southern New Jersey. They have developed over 700 affordable housing apartments for single adults, senior citizens, persons with special needs and families in 29 different locations.
“I would like to thank Director Gibbs and the Freeholder Board for their continued support and additional funding for this important project. This development is a perfect example of how municipalities and the Freeholders can work together to share services on behalf of county residents,” said Cinnaminson Mayor Howard “Bud” Evans. “I am thrilled to work alongside MEND, the County, and others to turn this eye-sore in our town into a beautiful new senior residence.”
