Work Starts on 103-Unit NJ Affordable Project
- May 24, 2019
Volunteers of America Delaware Valley has broken ground on a 103-unit affordable apartment community in Mount Laurel, N.J. The project, Centerton Village, consisting of two four-story buildings, is slated for completion in May 2020.
The affordable property catering to families and veterans will feature apartments ranging in size from one to three bedrooms, including seven units for veterans and two for supportive housing. Amenities will include a community room, onsite laundry and playground.
The project is located on Centerton Road and Marne Highway, with close proximity to food stores, dining options and retailers, and is nearby Interstate 295 and the New Jersey Turnpike. Mount Laurel, a township of Burlington County in southern New Jersey, is less than 15 miles east of Philadelphia.
The development is funded in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA), which provided 9 percent Low Income Housing Tax Credits (LIHTC) that brought in $16.6 million in private equity and $4.4 million in mortgage financing for the project.
Easing post-nursing transitions
NJHMFA also awarded $150,000 for two apartments through its Money Follows the Person Partnership Fund (MFPPF), which supports the construction of apartments for residents that are transitioning out of nursing facilities into community settings. The apartments will also receive Section 811 Project Rental Assistance vouchers, awarded to the agency by the U.S. Department of Housing and Urban Development.
Rents for one-bedroom apartments will range from $423 to $874 for residents earning anywhere from 20 to 57.5 percent of the area median income (AMI). For residents earning between 47.5 and 57.5 percent of AMI, rents for two-bedroom apartments will range from $852 to $1,049, and for three-bedroom units, from $985 to $1,212.
Volunteers of America Delaware Valley will provide onsite social services to residents at the community. The developer broke ground last October on its Brittin Village project, a community in Pennsauken, N.J. that will provide 66 affordable apartments for families and veterans. The development also received NJHMFA financing.
Last December, NJHMFA started construction on Freedom Village at Gibbsboro, a 72-unit affordable community for families in Gibbsboro, N.J., south of Mount Laurel.