Ingerman Announces the Grand Opening of The Willows at Little Egg Harbor June 29, 2018
Little Egg Harbor Township, NJ – June 29, 2018 – Ingerman along with representatives from Little Egg Harbor Township celebrates the grand opening of The Willows at Little Egg Harbor, a 56-unit affordable family rental community with a preference for Sandy Hurricane victims located in Little Egg Harbor Township, Ocean County, New Jersey.
The ribbon-cutting ceremony marks the opening of Little Egg Harbor’s new affordable tax credit rental community located on site of approximately four acres at the corner of Oak Lane and Radio Road, conveniently off Route 9 and the Garden State Parkway, and minutes from the shore. The community offers a resident lounge, laundry facilities, a playground, plenty of green space, off-street parking and an on-site management office.
The 56-unit community offers a mix of one-, two- and three-bedroom apartments for residents with varying incomes up to 60% of the average median household income. The apartments feature fully-equipped kitchens, solid stone countertops, hardwood flooring, large closets, central air, ceramic tile baths, private entry, patios or balconies, and will adhere to Energy Star Homes Version 3.0 Tier 2 standards. Five units are set aside for homeless individuals or families. A part-time supportive service coordinator will provide case management to the households with special needs.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) awarded the $16.8 million project 4 percent Low Income Housing Tax Credits, which are expected to generate $4.9 million in private equity. NJHMFA also provided the project with $8.9 million from its Conduit bond program and $9.5 million from its Fund for Restoration of Multifamily Housing (FRM). The FRM program was created in the aftermath of Superstorm Sandy and provides qualified housing developers with subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm.
The community will continue leasing efforts throughout the summer. Interested parties are encouraged to apply.
Ingerman is a leading developer, builder and manager of award-winning multifamily communities throughout the Mid-Atlantic region. Since its inception, the company has been responsible for the development of more than 100 sites representing 8,400 units with total development costs exceeding $1.4 billion. Ingerman was founded on a guiding principal: to bring together a highly talented and motivated group of real estate professionals to create lasting, quality residential communities that are strategically financed and managed through persistent attention to detail. Today, that mission continues to drive our unwavering focus on delivering high-quality housing and superior services to all of our stakeholders — investors, community partners, and residents.