The Michaels Organization recently joined the Camden County Board of Commissioners to unveil Victory Commons, a new 81-unit affordable housing complex at 1223 Haddonfield Berlin Road in Voorhees Township. — Courtesy: Camden County
By Joshua Burd
The Michaels Organization has delivered new affordable housing in Voorhees Township, completing a $30 million project that leveraged a host of public and private funding sources.
Known as Victory Commons, the 81-unit complex is now open at 1223 Haddonfield Berlin Road with a mix of one-, two- and three-bedroom floorplans, a clubhouse and other amenities. Those offerings were on display last week as the developer welcomed public officials to the site, which is within walking distance of two elementary schools, a public playground and other destinations in a location that is minutes from several major highways.
“Increasing access to safe, high-quality affordable housing remains a paramount priority for the Board of Commissioners,” said Louis Cappelli Jr., the director of the Camden County governing body. “Developments like Victory Commons are critical to ensuring that more of our residents throughout the county have a place they can call home. We are proud to partner with the Michaels Organization in the development of Victory Commons, and I look forward to seeing this community grow and thrive.”
The developer, which cited the nation’s growing housing deficit and affordability crisis, said the property is restricted to households earning 60 percent or less of the area median income.
“The grand opening of Victory Commons marks a significant milestone in our mission to deliver high-quality, affordable family housing to high-opportunity communities like Voorhees Township,” said Nicholas Cangelosi, regional vice president of the Michaels Organization. “This community, which provides 81 beautiful new homes with access to excellent schools and local amenities, is a true testament to the power of public-private collaboration. We are immensely grateful for the unwavering support from our vital partners — the Township of Voorhees, Camden County, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and TD Bank — all of whom helped make this vision a reality.”
Financing for the development includes $9.2 million in private equity raised through the sale of federal Low-Income Housing Tax Credits allocated by HMFA. The agency also provided a $5 million permanent mortgage, as well as $10 million in Housing Production Loan funds and $750,000 through its Special Needs Housing Trust Fund.
Other financing included a $1.8 million HOME Investment Partnership Loan provided by Camden County.
“Too many New Jersey families are being priced out of the communities where they want to live,” said Assembly Majority Leader Lou Greenwald, a Democrat whose district includes parts of Camden and Burlington counties. “Projects like Victory Commons don’t happen by accident; they’re the result of strong public investment, real partnership across all levels of government, and a local commitment to planning for and delivering housing that meets the needs of the community. This is how we expand opportunity: by creating housing people can afford, closer to where they work, in communities that are positioned to grow and succeed.”
Bill Duffy, a senior loan officer at TD Bank, added: “Victory Commons represents a significant step in meeting the critical need for affordable housing in South Jersey. We are proud to once again partner with The Michaels Organization on this impactful project. We remain dedicated to the communities where we live and work and appreciate the opportunity to finance this project that will support families in the Voorhees community for generations to come.”
