National affordable housing preservation firm Hudson Valley Property Group (HVPG) recently completed a massive $130 million preservation and rehabilitation project at The Encore, a prominent 21-story affordable housing tower located at 433 North 7th Street in Camden.
The extensive 18-month renovation of the 321-unit high-rise—formerly known as Northgate One—was achieved with zero resident displacement, using an on-site relocation strategy that allowed families to stay in the building throughout construction.
State and local leaders marked the milestone at an official ribbon-cutting ceremony, where city officials announced plans to co-name a portion of the local neighborhood “Hudson Valley Way” in 2027 to recognize the firm’s historic private investment.
The project directed $48 million specifically toward physical construction and structural overhauls. The mid-century tower received a fully reimagined exterior façade, vital infrastructure replacements, and sweeping energy-efficiency upgrades projected to cut overall energy consumption by 28.3%.
Inside the units, the modernization focused on daily quality-of-life enhancements:
- Kitchens & Baths: Installed new cabinetry, Energy Star appliances, and low-flow WaterSense plumbing fixtures.
- Climate Control: Outfitted all apartments with brand-new through-wall heat pumps to provide reliable, localized heating and air conditioning.
- Finishes: Upgraded spaces with modern flooring and high-efficiency LED lighting.
Residents also gained access to a suite of new on-site amenities, including a fitness center, business center, community room, energy-efficient laundry facilities and free building-wide high-speed internet funded by Citizens Bank. Additionally, the building’s historic two-story penthouse was fully restored with era-appropriate décor to serve as a venue for future resident and community events.
“This is the first time in a long time that I felt safe,” Karen Merricks, a 30-year resident of the tower said, highlighting a sitewide security overhaul that added high-definition monitoring, electronic access controls, and an audiovisual intercom system. “The change is undeniable. Residents are proud of their apartments, and the atmosphere in the building has shifted completely.”
The Encore represents one of the first major affordable housing developments to successfully leverage New Jersey’s new Aspire tax credit program. Administered by the New Jersey Economic Development Authority (NJEDA) under the Economic Recovery Act of 2020, the tool is designed to bridge financing gaps for transformative regional projects.
To fund the acquisition and construction, private and public entities coordinated a complex capital stack:
| Financing Source | Capital Contribution |
| Citizens Bank LIHTC Equity | $53.3 Million |
| NJHMFA Low-Income Housing Tax Credits | $49.0 Million |
| Citizens Bank Construction Loan | $32.9 Million |
| Citizens Housing Opportunity Fund Equity | $1.0 Million |
The deal secures the long-term affordability of the property for decades. A new 20-year project-based Section 8 Housing Assistance Payments (HAP) contract shields 96.5% of the units, guaranteeing that those tenants pay no more than 30% of their household income toward rent. The remaining units are locked into a 30-year Low-Income Housing Tax Credit (LIHTC) compliance period, restricting occupancy to families earning 60% or less of the Area Median Income (AMI).
Beyond infrastructure, HVPG introduced three unique, no-fee community programs built directly into the footprint of the property:
- Encore Kids!: A secure, 1,300-square-foot indoor early childhood space filled with wooden play structures and Montessori educational toys.
- Fresh Artists: A partnership with a regional nonprofit that fills the building’s corridors with artwork created by local Camden students while directly funding art programs in underserved public schools.
- Pineland Alliance Urban Farm: An active on-site produce farm designed to empower residents through agricultural education and fresh food cooking demonstrations.
“This project exemplifies our commitment to preserving and enhancing affordable housing in the communities that need it most,” Jason Bordainick, co-founder and managing partner of HVPG said. “Strong communities are built through strong partnerships, and The Encore is proof of what those partnerships can achieve.”
