Walters Group has brought new affordable housing options to Lacey Township, N.J.
The firm has completed the first phase of Cornerstone at Lacey, which features 70 apartments in nine buildings. A second phase, which will add another 48 units in six buildings, is underway.
New Jersey-based Walters Group recently hosted a ribbon-cutting and open house at the development.
“It’s been a pleasure working in Lacey. This is a great residential development for the town and for us,” said Joe DelDuca, Walters Group partner and general counsel. “We are proud to be building meaningful developments that focus on improving people’s lives and making our communities stronger.”
The $21.6 million development is being financed largely with low-income housing tax credits (LIHTCs) awarded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Wells Fargo is the housing credit investor.
The $21.6 million Cornerstone at Lacey is financed with low-income housing tax credits and Community Development Block Grant Disaster Recovery funds awarded by the New Jersey Housing and Mortgage Finance Agency. Wells Fargo is the housing credit investor.
The LIHTC program has produced more than 2 million affordable housing units nationally and more than 50,000 units in New Jersey, said Anthony Marchetta, NJHMFA executive director.
The development was also awarded approximately $11.9 million in federal Community Development Block Grant —Disaster Recovery funds through the Fund for Restoration of Multifamily Housing Program, which was created in the aftermath of Superstorm Sandy.
As part of the ribbon-cutting celebration, Walters Group memorialized a bench and plaque in honor of Gary Smith, a founding member and chief officer of the Lacey Township Dive Team who died in 2010. Smith and his wife, Phyllis, helped start the Lanoka Harbor First Aid Squad. The road that runs through Cornerstone at Lacey was also named in his honor.
The development features a large clubhouse equipped with computer work stations and a state-of-the-art fitness center. There’s also a tot lot, a barbecue and picnic area, and a half-court basketball. The community is near municipal offices, local schools, shops, restaurants, and recreation areas.
Cornerstone at Lacey is designed to achieve LEED and Energy Star status for incorporating a number of sustainable features.
The income-restricted units will be rented to households earning more than 60% of the county’s median income. The highest rent for a three-bedroom apartment at Cornerstone at Lacey is $1,235 and includes water, sewer, and trash removal. The units range from 835 square feet for a one-bedroom to 1,247 square feet for a three-bedroom. Ten units are designed for special-needs households.
