Site Visit with Representative Leonard Lance an Opportunity to Make the Case that Opportunity Starts at Home and Increased Federal Housing Funding is Critical
On September 20, 2018, U.S. Representative Leonard Lance (NJ-R-7) visited and toured the Village at Garwood located in Garwood, New Jersey. This 72-unit senior rental community located in Garwood provides housing for very low-income senior citizens ages 62 and over.
- Congressman Leonard Lance had the opportunity meet with the staff that manages the rental community and some of the residents that live there.
- Residents gave the Congressman tours of their apartments and showed him how Opportunity Starts at Home.
- The residents of the Village at Garwood live independently in safe, accessible homes that they can afford and are able to maintain their independence.
The tour with Congressman Leonard Lance provided the opportunity for Westfield Senior Housing Corporation and Monarch Housing Associates to urge Congressman Lance to support increased federal funding for affordable housing including Housing Choice Vouchers and expanding and strengthening the Tax Credit program.
Congressman Lance told advocates to urge their colleagues in other states to invite leadership in the U.S. House Appropriation Committee to visit affordable housing developments in their communities to help make the case for increased funding.
Westfield Senior Citizens Housing Corporation developed and manages the Village at Garwood. The rental community was funded through the federal Section 202 Capital Advance Program. It was the last project in New Jersey to receive funding through the Section 202 program.
The development also received funding through a Pre-development Grant from the U.S. Department of Housing and Urban Development (HUD), Sponsor’s Equity, financing through the Federal Home Loan Bank of New York through its member bank Two River Bank and funding from Enterprise Community Investment.
Monarch Housing served as the project consultant for the Village at Garwood.
Annually, states are allocated Low Income Housing Tax Credits (Tax Credits) by the federal government on a per-capita basis. New Jersey Housing and Mortgage Finance Agency (NJHMFA) as the administrator of the Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the state.
The project involved the replacement of a vacant school and convent building with a newly constructed three-story apartment complex and not only provided affordable housing opportunities for seniors, but also had a positive economic impact in Union County.
NJHMFA estimated that the project generated approximately:
- $32.7 million in one-time economic output,
- 195 direct and indirect/induced full-time jobs, and
- $1.2 million in state and local taxes during construction.
The project continues to add value to the community by providing approximately:
- $3.6 million in ongoing economic output,
- 20 direct and indirect/induced full-time jobs, and
- approximately $206,000 in state and local taxes annually.