Funding Announcement
American Community Capital Funds Conifer Realty’s Waterford Apartments
Patrick Duggan
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On November 20th, American Community Capital provided a $1.1 million predevelopment loan to support Conifer Realty on Waterford Apartments, a multi-phase affordable housing project in Camden, New Jersey. Conifer Realty is an experienced affordable housing developer, founded in 1975, which currently owns and manages over 15,000 multifamily apartment homes in 210 communities across New York, New Jersey, Pennsylvania, and Maryland.
Waterford Apartments is slated to bring 95 affordable rental homes to the community, including 13 apartments that will be set aside for individuals or families that are homeless or at risk of homelessness, with a preference for homeless veterans. According to the National Low Income Housing Coalition, there are 323,284 “extremely low-income renter households” in New Jersey and 98,753 affordable and available rental apartments, meaning a deficit of 224,531 affordable apartments.
Conifer has worked with our parent organization, Boston Financial, on 29 affordable housing communities to date, and there are currently 17 properties in the Boston Financial portfolio with nearly 1,220 affordable homes.
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