102​-Unit Manalapan Affordable Housing Project Gets Tax Credit

MANALAPAN, NJ — A 102-unit affordable housing project in Manalapan got tax credit funding from the state. The Place at Manalapan got an OK from the Manalapan Planning Board in September.

In total, the state is awarding $23 million in annual 9 percent federal Low Income Housing Tax Credits (LIHTC) for 20 developments across 11 counties.

According to the New Jersey Administration, these tax credits are expected to generate approximately $231.4 million in private investment and produce $450 million in new development.

The investments will result in the construction of over 1500 new affordable apartments for families, seniors and residents with special needs.

“As the past two years have demonstrated, safe, stable housing is absolutely imperative to ensure the long-term health and economic stability of our families,” said Lt. Governor Sheila Oliver. “Governor Murphy and I remain committed to the equitable development of affordable housing across the state. I am proud that the allocations this year will expand on the State’s historic FY2022 budget investment and produce more housing for all New Jersey residents.”

The New Jersey Housing & Mortgage Finance Agency received an unprecedented number of applications for proposed developments in suburban municipalities seeking to enhance affordable housing opportunities within their borders.

The LIHTC program, which was established by the Tax Reform Act of 1986, is the most prolific source of funding for new affordable rental apartments for residents in American history, according to the agency. To date, it has awarded 9 percent tax credits toward the development of over 5,200 affordable apartments.

“New Jersey’s tax credit allocation plan uses objective criteria and targeted policy objectives to optimize our housing production capacity. This year's awards will boost housing in areas of high opportunity to incentivize economic opportunity for families and support older residents seeking to age in place,” said the agency's executive director Melanie R. Walter. “These awards represent a significant federal, state, community, and private investment in ensuring all New Jersey families can access sound jobs, good schools, and supportive services.”

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