RCG Development Group, LLC and the Alpert Group, LLC Secures Low Income Housing Tax Credits for Historic Downtown Jersey City Affordable Housing Development.

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RCG Development Group, LLC in partnership with the Alpert Group, LLC has received a Low Income Housing Tax Credit reservation from the New Jersey Housing and Mortgage Finance Agency for the development of St. Bridget’s Senior Residence.

The development partners will construct a $9.7 million dollar 46-unit affordable rental project comprising two three-story and one five story building located in the downtown Jersey City Van Vorst Park Historic District. The three story buildings were originally a rectory and a convent at St. Bridget’s Church. The five-story building was a school. Each building will undergo a gut rehabilitation to be adaptively reused for apartments; and will be rehabilitated to preserve the historic character of the property to qualify for Historic Tax Credits. Improvements will include new mechanical systems, fixtures and appliances.

The apartments will be age-restricted to senior households aged 55 years or more. Five non-age-restricted units will be set aside for people with physical disabilities and nine units will be set aside for the frail elderly. Social services will be provided to these populations. Construction is expected to begin by late spring 2012 and take 15 months to complete.

For more information, contact Christopher Garlin with RCG Development Group at 201-401-4306.

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Christopher Garlin
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