Groundbreaking to Bring New, Affordable Apartments for Families, Veterans to Mount Laurel
Development Will Provide 103 Apartments Funded in Part by NJHMFA
MOUNT LAUREL, NJ – At the location of a landmark court ruling on affordable housing, a groundbreaking today in Mount Laurel marked the start of a 103-apartment complex affordable to families and veterans. The event was attended by New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman, local officials, and developer Volunteers of America Delaware Valley.
“This new housing complex in Mount Laurel serves as a reminder of why we’ve worked so hard in the past to ensure that all residents of New Jersey, regardless of income level, have a place to call home,” said Lt. Governor Sheila Oliver, who also serves as DCA Commissioner and chair of the NJHMFA board. “Governor Murphy and I commend Mount Laurel, the not-for-profit developers, and state partners for continuing to follow the mission of providing quality housing opportunities for our working families, veterans and the disabled.”
Within two four-story buildings, Centerton Village will provide one- to three-bedroom apartments, including seven for veterans and two for supportive housing. Centerton Village also will include a playground, community room, and onsite laundry. The complex is adjacent to food stores, retailers, and dining establishments, and its proximity to I-295 and the New Jersey Turnpike provides easy access for travel to work or recreation.
“With today’s groundbreaking, we continue to honor the legacy of Ethel Lawrence and the Mount Laurel doctrine, which is the backbone of our mission to create affordable housing opportunities for all New Jersey residents,” said NJHMFA Executive Director Richman. “Workforce housing that is affordable to police, nurses, teachers, veterans, and more is key to strengthening our communities, and to building and maintaining a stronger and fairer economy.”
NJHMFA awarded the development highly competitive federal 9 percent Low Income Housing Tax Credits (LIHTC), which provided $16.6 million in private equity, and $4.4 million in mortgage financing. The LIHTC program has been extraordinarily successful in the creation of affordable housing in New Jersey since it began in 1986. NJHMFA recently announced plans to award $24 million in 9 percent LIHTC later this year, which are expected to create about 1,200 affordable apartments across New Jersey communities for working families, seniors on limited incomes, and residents with special needs.
Additionally, NJHMFA provided $150,000 through its Money Follows the Person Partnership Fund (MFPPF) for two apartments within this development. The MFPPF provides subsidies to eligible developers to set aside apartments for individuals transitioning from nursing facilities to community settings. These new apartments provide these individuals the opportunity to live independently within the community. To date, NJHMFA has committed over $3.5 million under the program, which is enabling 47 individuals to integrate fully into the community.
Section 811 Project Rental Assistance vouchers, which are subsidies awarded to the Agency by the U.S. Department of Housing and Urban Development, will be provided for the two apartments for residents coming out of nursing homes. Volunteers of America Delaware Valley also will be providing onsite social services to residents through a variety of counseling and wellness programs.
Rents for one-bedroom apartments will range from $423- $874 for residents earning between 20 percent up to 57.5 percent of the area median income (AMI); and $852- $1,049 for two-bedroom apartments and $985- $1,212 for three bedrooms for residents earning between 47.5 percent to 57.5 percent AMI.
Construction is expected to be complete in May 2020. For more information, call Volunteers of America Delaware Valley at 856-854-4660.
Volunteers of America Delaware Valley, based in Camden, provides community-based assistance to populations in need so that they can lead self-fulfilled, independent lives. This is the latest project by the developer to receive NJHMFA financing. Another project, Brittin Village, broke ground in October in Pennsauken and will provide 66 affordable apartments for families including 14, which will provide homes for veterans.
For more information on NJHMFA and its programs, visit njhousing.gov.