April 16, 2018 Comments Off on NJ Seniors Housing Redevelopment Delivered Views: 2479 National News, New Jersey, Northeast

NJ Seniors Housing Redevelopment Delivered

Middlesex County and Pennrose opened The Residence at Roosevelt Park, an 84-unit independent living community for senior citizens in Edison, NJ. The nearly $25M adaptive reuse and historic renovation project was formerly Roosevelt Hospital, which was built in 1937 as part of President Franklin D. Roosevelt’s New Deal.

Jointly developed by the county and Philadelphia-based Pennose on 11 acres at 1 Roosevelt Dr., the project received funding from the New Jersey Housing and Mortgage Finance Agency (HMFA), which awarded the project a competitive nine percent federal Low Income Housing Tax Credit.

Featuring modern amenities in a historically-significant building, Residence at Roosevelt Park is for residents over the age of 62. Veterans have preferred status for up to 25% of the units, while five units are set aside for formerly homeless individuals and couples, and six serve individuals with disabilities. Support services are available to all residents.

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