NJHMFA Approves Financing for New Senior Village in Cumberland County
TRENTON, NJ — As demand for affordable housing continues to grow among New Jersey's senior population, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board has approved mortgage financing for Bridgeton Phoenix Senior Village, an $18.5 million new affordable community that will provide 64 new housing opportunities for residents age 55 and older and residents with additional support needs in Cumberland County.
In July, the NJHMFA Board approved a financing commitment consisting of a permanent mortgage loan totaling $855,000 through the Agency Revenue Bond Financing Program and a subsidy loan of $1.2 million through the Special Needs Housing Trust Fund (SNHTF) Program.
Bridgeton Phoenix Senior Village was awarded a competitive 9% Low-Income Housing Tax Credit allocation in 2024. The recent mortgage financing commitment was the final stage before the new senior community could begin construction in September 2026. Completion of the project is anticipated for November 2027.
"New Jersey's older adults deserve safe, affordable housing that allows them to remain independent and connected to the communities they call home," said Melanie R. Walter, Executive Director of NJHMFA. "Bridgeton Phoenix Senior Village will expand affordable housing opportunities in Cumberland County while providing residents with quality homes, convenient amenities, and access to the services they need to age with dignity."
Of the 64 units, 13 units will be set-aside for individuals experiencing homelessness. These units will be created through the SNHTF, which finances supportive unit integration within larger family and senior housing developments. The SNHTF creates opportunities for individuals with additional support needs to fully participate in their communities and receive necessary services.
Residents will have access to a variety of on-site amenities designed to support independent living, including a multipurpose community room, laundry rooms, sitting areas with kitchen facilities, rental offices, and off-street parking.
The property is situated in a mixed-use neighborhood within walking distance of religious institutions, restaurants, grocery stores, supermarkets, schools, a public bus stop, a library, and medical offices. Additional community resources—including government offices, a police station, fire station, hospital, banks, a park, a museum, and a post office—are located within two miles of the development, providing residents with convenient access to essential services and recreational opportunities.
About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: njhousing.gov
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