Rep. Payne, Jr. Announces $11 Million in Tax Credits for Affordable Housing in District
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Washington, D.C. — Congressman Donald M. Payne, Jr. is proud to announce that eight affordable housing projects in the 10th Congressional District have been awarded almost $11 million in tax credits to aid construction from the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The credits will be sold for funding to help create 984 housing units that could generate roughly $103 million in new district development. The credits are part of the NJHMFA’s Low-Income Housing Tax Credits program.
Congressman Donald M. Payne, Jr. was delighted to hear of the awards.
“We have a serious affordable housing problem in this country,” said Congressman Payne, Jr. “These projects are important to our community because they provide quality housing to the people that need it the most. I am always looking for ways to increase our nation’s affordable housing. I co-sponsored the Build More Housing Near Transit Act because it would provide funds for similar developments near commuter transit stations. I know these agency awards are highly competitive, so I want to thank the NJHMFA for choosing these important projects.”
The NJHMA approved three awards to provide 9 percent tax credits for the Walter G. Alexander Village in Orange, the West Orange Senior Housing project in West Orange and a development located at 722 Chancellor in Irvington Township. The agency approved awards of 4 percent credits for five additional district projects: Telephone Heights project in Newark, Daughters of Israel in West Orange, Al Gomer Residence in Orange, Zion Tower in Newark, and the Pilgrim Baptist Village in Newark. The agency announced the awards in a letter on December 27, 2019.