Glen Oaks Partners, LP assembled land for development along Garden State Parkway and SR 138 in Wall Township and subdivided the site into three development parcels with the intent to build a mixed income development. The plan for the second phase to be developed is known as Glen Oaks and includes 96 market-rate apartments and 24 affordable units for residents earning no more than 50% of the area median income (“AMI”).
Federal low-income housing tax credits (“LIHTC”) were needed to make the project financially feasible. Glen Oaks Partners applied for 4% LIHTC’s, administered by the New Jersey Housing and Mortgage Finance Agency (“NJHMFA”), which required an independent, third-party financial analysis, to determine if the project was in fact, not financially feasible without the LIHTC.
RESGroup was retained to provide the independent, third-party report required by NJHMFA. After submitting the report, Glen Oaks Partners received approvals for the LIHTC and will proceed with the project. RESGroup is one of the firms identified by NJHMA on its website that is acceptable to complete the analysis.
https://nj.gov/dca/hmfa/dca/hmfa/developers/docs/lihtc/tax/Inclusionary_Review_Analysts_list.pdf
