WILMINGTON, Del., June 28, 2017 /PRNewswire/ -- Leon N. Weiner & Associates (LNWA) has finalized plans to acquire and modernize Cedar Run Apartments phases I & II located in Ocean County, New Jersey. The community features 72 affordable apartments for seniors with 69 of the units benefiting from United States Department of Agriculture (USDA) Rural Development program rental assistance.
The development is a joint venture between Rural Housing Preservation Associates, a LNWA company and Hudson Valley Property Group. Tax Credit equity investment was provided by Enterprise Community Partners. New Jersey Housing & Mortgage Finance Agency facilitated the transaction by issuing the bonds and tax credits. USDA provided the permanent mortgage financing.
Construction began in early June 2017 and will be completed by the summer of 2018. The comprehensive rehabilitation will bring new roofing, windows, doors, siding and energy star fixtures which will significantly improve building efficiency. Aesthetic items such as flooring, kitchen & bathroom cabinets and landscaping will also be addressed along with an updated community building.
Glenn R. Brooks, President of LNWA said, "We are proud to carry on our namesake's legacy to provide affordable housing opportunities that surpass expectations in both quality and cost measures. We appreciate our partners in Cedar Run and believe the rehabilitation will significantly improve this senior community."
Founded in 1949, Leon N. Weiner & Associates, Inc. (LNWA) has built and developed a variety of housing, from high-rise and garden apartments to a full range of townhouses and single family homes. The company has been a pioneer in the development, management and preservation of affordable housing, providing attractive and safe homes in the Mid-Atlantic, New England and Ohio Valley states.
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SOURCE Leon N. Weiner & Associates