Cornerstone at Chatham at 522 Southern Blvd. in Chatham Township — Courtesy: Walters
By Joshua Burd
Walters has welcomed the first residents at a new 63-unit, income-restricted multifamily property in Chatham Township after completing the development late last year.
Located at 522 Southern Blvd., the three-building Cornerstone at Chatham complex is among the newest additions to the firm’s affordable housing platform. Walters developed the community through what it described as a unique funding partnership with the municipality, securing an allocation under the 9 percent Low Income Housing Tax Credit program while the township provided land and funding support.
That assistance includes a planned shuttle bus service to the nearby NJ Transit rail station.
“We’re seeing a strong demand for high-quality affordable living in vibrant towns like Chatham,” said Joseph Del Duca, partner and director of affordable housing for Barnegat-based Walters. “Housing options such as Cornerstone at Chatham enable people to live where they choose based on their needs.”
According to a news release, Cornerstone at Chatham has a mix of two- and three-bedroom units. Features include parking and amenities such as a fitness center, a clubhouse community room and a patio with seating and grills, while residents are minutes from destinations such as Chatham Mall, Hickory Square Shopping Center, Nash Park and Shunpike Field.
The homes are available to residents whose incomes are at or below 60 percent of the area median income, the news release said, noting that rental rates are based on the renter’s gross annual income. Walters added that it designed the property for certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale and the Energy Star program.