G.G. Green building developers awarded affordable housing funding, slated for completion in 2013

RPM Development has been awarded the affordable housing funding it needed to proceed with the highly anticipated redevelopment of the historic and decaying G.G. Green Building. The project was one of two affordable housing projects in Gloucester County to receive a portion of the $18.7 million in funds from Federal Low Income Housing Tax Credits. Along with Woodbury, Mantua Township also received funding. Federal Low Income Housing Tax Credits are awarded to developers who are planning to build new rental apartments or rehabilitate existing units for low-income households, according to the state Department of Community Affairs. Developers who receive the credits sell them to an investor who is then able to write off a percentage of their personal or corporate income on federal tax returns for a decade.

NJ Star Ledger

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