A groundbreaking on Wednesday 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 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. Gov. Sheila Oliver, who also serves as Department of Community Affairs Commissioner and chair of the NJHMFA board. “Gov. 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 boasts proximity to I-295 and the New Jersey Turnpike.
NJHMFA awarded the development highly competitive federal 9 percent Low Income Housing Tax Credits, which provided $16.6 million in private equity, and $4.4 million in mortgage financing.
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.