From left, New Jersey Housing and Mortgage Finance Agency Executive Director Charles A. Richman, Burlington County Freeholder Daniel O’Connell, Mount Laurel Mayor Kurt Folcher, Volunteers of America Delaware Valley CEO and President Daniel L. Lombardo, Assemblywoman Carol Murphy and Mount Laurel Councilman Stephen Steglik were on hand for the groundbreaking of Centerton Village in Mount Laurel. — Courtesy: HMFA
By Joshua Burd
Construction is underway on a 103-unit affordable housing complex in Mount Laurel, thanks in part to a subsidy package from the New Jersey Housing and Mortgage Finance Agency.
Its developer, Volunteers of America Delaware Valley, joined public officials on Wednesday to break ground on what’s known as Centerton Village. Located on Centerton Road near Interstate 295, the two-building complex will provide affordable housing to both families and veterans.
Completion is slated for May 2020, HMFA said.
“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 commissioner of the state Department Community Affairs and chair of the HMFA 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.”
The HMFA helped finance the project by awarding federal 9 percent Low Income Housing Tax Credits, which generated $16.6 million in private equity, and $4.4 million in mortgage financing. The agency also provided $150,000 for two apartments through its Money Follows the Person Partnership Fund, which subsidizes development costs for units for individuals transitioning from nursing facilities to community settings.
Centerton Village will include one- to three-bedroom apartments, including seven for veterans and two for supportive housing, within its two four-story buildings, the agency said. Rents for one-bedroom units will range from $423 to $874 for residents earning between 20 percent and 57.5 percent of the area median income, along with $852 to $1,049 for two-bedroom apartments and $985 to $1,212 for three-bedrooms for those earning between 47.5 percent and 57.5 percent of AMI.
Plans also call for a playground, community room and on-site laundry, the HMFA said. Residents will benefit from its proximity to food stores, retailers and dining establishments.
“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 Charles Richman, the HMFA’s executive director. “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.”
Volunteers of America Delaware Valley, which is based in Camden, also will provide on-site social services to residents through a variety of counseling and wellness programs.
