WARREN, NJ – PIRHL Developers, LLC (PIRHL), in partnership with Warren Township, is pleased to announce that the New Jersey Housing Mortgage and Finance Agency (NJHMFA) has awarded an allocation of Housing Tax Credits to the Apartments at Warren, an 80-unit development that will serve working families, seniors and professionals earning incomes at or below 60% of the Area Median Income.
This $1.345MM award of tax credits will allow PIRHL to raise close to $13MM in equity as a source for construction. In total, The Apartments at Warren will represent a $20MM investment for Warren Township that will satisfy a portion of the township’s obligation with respect to affordable housing development. In September of 2019, the Township’s affordable housing plan was given final court approval to provide 1,048 new homes, of which 362 units would be set aside for low- and moderate-income housing. The Apartments at Warren was included in that 362-unit count.
The community will consist of five three-story buildings and a clubhouse, located on an 8-acre site located on Lindberg Avenue off Stirling Road.
“The Apartments at Warren will offer quality living options that are affordable for working families in the Township. I am proud of the efforts made by the township to ensure that we will see a quality investment made that aligns perfectly with our Housing Element and Fair Share Plan,” says Mayor Mick Marion.
Lara Schwager, Vice President for PIRHL, LLC stated, “We are grateful to NJHMFA for their support of this development. With resources for affordable housing being so limited, we are excited to work to deliver a beautiful community that will not only address the need for affordable housing in the township, but also represent what is possible through public-private partnerships. We are grateful for the Township’s commitment and partnership in this development.”
Schwager expects to begin construction in Fall of 2020.