ATLANTIC CITY, N.J. — Regional affordable housing owner-operator WinnCos. has begun the $33 million renovation of Garden Court Apartments, a 177-unit affordable housing property in Atlantic City. WinnCos. acquired the 20-building property, which houses 135 one-bedroom units and 42 two-bedroom apartments, in February in partnership with New Jersey-based nonprofit organization Gateway Community Action Partnership. Capital improvements will include upgraded kitchens, bathrooms and flooring in all apartments; new windows, siding, balconies and roofs for all buildings; the installation of new energy-efficient HVAC systems and electrical panels; and new security features. All common areas and amenity spaces will also be upgraded. Completion is slated for next fall.
The rehabilitation of Garden Court Apartments in Atlantic City is being financed in part by new Low-Income Housing Tax Credits that will allow the rent-controlled community to be converted into deed-restricted affordable housing, in which units will be restricted for households earning 80 percent or less of the area median income, for the next 45 years.
WinnCos. Begins $33M Renovation of Affordable Housing Property in Atlantic City
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