How Will Lutheran Pay for Cinnaminson Home Project?
Lutheran Social Ministries is seeking funding for the senior housing complex, including one source that could cover roughly 70 percent of the cost, says a spokesman.
Lutheran Social Ministries is in the process of pursuing a tax credit that could pay for 70 percent of the cost of its proposed $10 million-plus senior affordable housing complex at the site of the former Cinnaminson Home.
Jason Konek, executive director of project development for Lutheran, said the organization plans to apply for the Low Income Housing Tax Credit, administered through the Housing and Mortgage Finance Agency (HMFA).
Konek said Lutheran's application would be competing against many other organizations, but it's worth it because, if the state bestows tax credits on the Cinnaminson Home project, it could pay for roughly 70 percent of the total project cost.
Lutheran is meeting with township officials next week, Konek said, as part of its preparations for the application process.
The group has to apply by the end of June, followed by a two- to three-month review process. If the tax credit is awarded to the Cinnaminson Home project, construction could begin within about 90 days. Konek said Lutheran would be in a position to get the project underway in that amount of time.
Under a best-case-scenario constructon timetable, the project could be complete by December 2014 at the earliest, he said.
Lutheran has stated the architectural design for the complex would be significantly influenced by the original Cinnaminson Home. The original front porch will be preserved and used as it was in the past—as a comfortable gathering place for residents—while "residential details and attractive exterior materials will blend the new architecture with the old."
The state Department of Environmental Protection recently approved the township's plan to remove the Cinnaminson Home property from the Recreation and Open Space Inventory, clearing the final hurdle for development of the 55-unit affordable senior housing complex on Riverton Road.
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