Eastern Pacific Development Receives Tax Credit Allocation
Projects in Vineland and Winslow Township will provide 130 new affordable units.
VINELAND, NJ: Eastern Pacific Development, which specializes in affordable housing and community redevelopment, has been awarded financing commitments totaling $32 million for two southern New Jersey projects in Cumberland County and Camden County. The Newcomb Senior Housing Project in Vineland will include 70 units for residents 55 years and older, and the Winslow Cross Creek Phase III project in Winslow Township will include 60 affordable housing units. The 9% Low Income Housing Tax Credit allocations were awarded by the New Jersey Department of Community Affairs (NJDCA) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) from the 2020 Tax Credit Authority.
“There is an ongoing need for high quality senior and affordable housing in many communities, as well as a tremendous need for investment to repurpose blighted properties and improve the quality of life in those neighborhoods,” said Eastern Pacific Development President Hans Lampart. “I am excited to be moving forward with these projects and for the positive impact they will have on the families and individuals they will serve.”
The Newcomb Senior Housing project will be a four-story mid-rise building serving residents with incomes at 60% or less of Cumberland County’s Median income. The building will comply with both NJHMFA “Green Home” and “Energy Star” requirements. Amenities will include major appliances, emergency call buttons in all units, two elevators, laundry facilities on each floor, on site property management, and planned social activities and events.
Winslow Cross Creek Phase III includes 28 two- bedroom, 30 three-bedroom, and 2 four-bedroom townhouse style units, each with a garage and on-site parking. The size of the units will range from 1,250 square-feet to 1,650 square-feet, with rents ranging from $259 to $1,252 per month. Amenities will include major appliances, on-site management, a community building, a play area for children, and planned social activities and events. Eastern Pacific previously completed Phase I and II of the project in 2014 and 2015. Both phases were entirely leased within 30 days of completion. Additionally, Phase lV of the project was awarded in May of 2018. The master planned project also includes the CCUM Baptist Church and the 91-unit CCUM Senior Apartments which were completed in 2003.
According to Lampart, the project construction is budgeted at $17 million and $19 million respectively. “I want to thank the NJHMFA and the NJDCA for selecting both projects to be funded under this allocation of credits. It is always an extremely competitive process, so I think this speaks highly of the developments and our track record of success.”
About Eastern Pacific Development: Eastern Pacific Development has worked with communities to successfully develop and operate affordable housing and community redevelopments. With expertise in development, construction, and property management, Eastern Pacific brings a wealth of experience to every project, particularly in the area of tax credits. This knowledge of the process, combined with a proven formula for securing qualified investors to finance the development and purchase the tax credit, sets Eastern Pacific apart from its competition and assures a successful affordable housing redevelopment for the host community.
Eastern Pacific’s President Hans Lampart, who was newly appointed as President of the South Jersey Builders League for 2019, has been recognized on a number of occasions for excellence including most recently by the Builders League of South Jersey as the 2016 Builder of the Year; the Builders League of South Jersey for the 2016 Best Architectural Design Rental Community-Winslow Cross Creek; the New Jersey Builders Association 2016 Builder of the Year; and the Builders League of South Jersey 2016 Rental Community of the Year-Winslow Cross Creek. Lampart also received the Builders League of South Jersey 2017 Rental Project of the Year-Landis Senior Apartments. For more information, please call 856.696.0200, or visit their website at www.epacdevco.com.
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