Tuesday, June 30, 2015

Taxpayers back 41 NJ apts for poor, ex-cons, homeless

41-unit, $14.5M rental project at Pyne Poynt to house poor, homeless and ex-offenders

Taxpayers back 41 NJ apts for poor, ex-cons, homeless

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(Updated) Enterprise Community Investment Inc., Charlie Werhane's for-profit affiliate of nonprofit Enterprise Community Partners, Columbia, Md., says it's raised a total of $29.4 million million for construction of Ingerman Group's planned 41-unit Meadows at Pyne Poynt development in North Camden.

The money includes $10.5 million in federal taxpayer-subsidized Low Income Housing Tax Credit, a $4 million "equity bridge loan," a $6 million TD Bank construction loan, and around $9 million in loans from the NJ Housing and Mortgage Finance Agency, Camden's Neighborhood Stabilization program, and Respond Inc., which will run a job training center at the site, Enterprise spokesman Jon Searles told me.

Who gets to live at Pyne Poynt? "30 of the units will be rented to people earning up to 50 and 60 % of area median income, and 10 will have project-based rental assistance for homeless individuals or families," with "priority being given to veterans and the formerly incarcerated," Enterprise says.

Developer is NJ-based Ingerman Group, which also built Camden's Parker Hall and the Lincoln Park complex in Newark, Searles says. Architect is Haley Donovan.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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