CAMDEN, NJ — City leaders, officials and residents cut the ribbon on the reconstructed Cooper Historic Homes on Tuesday, returning 64 units of fully restored affordable housing to Camden’s working families.
Mayor Frank Moran was joined by county Freeholder Carmen Rodriquez, Michaels Organization, TD Bank and others in recognition of the grand-reopening of the historic townhouse community, which received $14 million in funding for improvements and upgrades. The building now features new HVAC and mechanical systems, roofing, windows, appliances and rehabilitated drainage and waterproofing systems.
“The Michaels Organization has done an outstanding job of renovating these beautiful historic homes in the Cooper Plaza neighborhood,” Moran said. “So much of Camden’s success has been a result of collaboration and strong public-private partnerships. These units will be a nice addition to our city’s expanding variety of high-quality new and rehabilitated housing options.”
Financing for the rehabilitation and preservation of Cooper Plaza includes $4.1 million in private equity raised from the sale of federal low-income housing tax credits and $6.9 million in permanent conduit bond financing allocated by the New Jersey Housing and Mortgage Finance Agency. Other funders include the Department of Community Affairs, Federal Home Loan Bank of New York, and Camden County.
Additional funding includes a $3.1 million permanent mortgage provided by Berkadia and a $6.9 million construction loan from TD Bank. Fulton Bank invested in the tax credits, which were syndicated by Berkadia.
The nonprofit Better Tomorrows will provide support services for the affordable housing community.
“As someone who grew up in the city this project, including the renovation and construction of more than 1,000 new and renovated housing units, is a key component to Camden’s transformation,” Rodriguez said. “Providing affordably priced housing for Camden County residents is an integral component for maintaining our ongoing renaissance, and we look forward to continuing this important work.”