Preservation of Mullica West Apartments is essential to maintain the affordability for existing and future residents. Prior to the recent sale, Mullica West was at imminent risk of converting to market rate apartments. The removal of the affordable housing deed restrictions would have a profound effect on the existing tenants as the rents are $200 per month below comparable market rentals for the area. The Capital Needs Assessment establishes the scope of rehabilitation, which calls for upgrade of all apartments to meet construction code requirements, achieve Energy Star standards for the project, replace all central heat and air conditioning units, replace flooring, and renovate all kitchens and baths. In addition, a playground area will be added to the project and the parking lot will be resurfaced. No residents will be involuntarily displaced except for cause. Yet the proposed scope of improvement goes beyond the immediate repair needs. To better serve the affordable housing needs of families in this area, 42 of the existing two bedroom units will be expanded to three bedroom units with 1.5 baths. This application also proposes to dramatically improve the building facades, as shown by the contrast of the attached photograph of the existing building and proposed rendering.
Mullica West Apartments is located in Harrison Township and was built over 30 years ago. The complex currently has 7 buildings which consist of 168 Units; 112 1-bedrooms and 56 2-bedrooms designated family units. When this property is totally rehabbed, the complex will have 112 1- Bedrooms, 14 2-bedrooms and 42 3-bedrooms. This project will also have a new 30 year restrictive use provision to keep the units affordable for the foreseeable future. One of the two bedroom units will be utilized for the management office.
Through USDA’s Multi-Family Housing Preservation and Revitalization Pro- gram created in 2006, USDA will defer the original debt for 20 years. This will allow the new owners to keep the apartments affordable.
This is also the first project in New Jersey funded by USDA’s 538 Multi- Family Housing Guaranteed Loan. This loan is for a portion of the acquisi- tion of the property and rehabilitation of the property.
When completed the property will have 105 units of Rental Assistance.