SP Investment Fund, a Los Angeles based firm with extensive experience investing in, renovating and developing affordable housing, expects to begin renovations on the Amity Heights Apartments in Bridgeton New Jersey in early 2022.
Amity Heights Apartments consists of 196 one to five bedroom garden apartment units that are affordable to low income and very low income families in Bridgeton, New Jersey. The apartment community was originally developed by the Michael Levitt of the Michaels Company in the mid-1970s and has not undergone any renovations since then. In concert with Riverside Charitable Corporation, a non-profit public benefit corporation, SP plans to extensively renovate the property and preserve its affordability. The amenities in the building include a community room to facilitate social events and activities, kitchens, computers, two playground areas, a basketball court, a full time social service director, free in-unit Wifi/Cable, fitness rooms, and community room.
Amity Heights is located in an Opportunity Zone. Assistance for the project has been obtained from the City of Bridgeton, the New Jersey Housing and Mortgage Finance Agency, low income housing tax credits, and the HUD FHA loan and Project Based Section 8 programs.
