Bordentown Township Complex Continues Waterfront Redevelopment
BORDENTOWN TOWNSHIP – New apartments affordable for seniors officially opened today with a ribbon-cutting ceremony joined by New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff, local officials and developer Volunteers of America Delaware Valley.
Waterfront Village, located on seven acres on Burlington Road, is part of a township-wide waterfront redevelopment of a former ship repair and cleaning site located along the Delaware River and near the RiverLine light rail.
The development provides 70 one-bedroom apartments in a three-story building for senior residents age 55+ with income levels up to 60% of the area median income. Five apartments will provide homes for homeless veterans. The development also includes laundry facilities and community rooms on each floor.
“We are pleased to be part of this continued redevelopment in Bordentown Township which has expanded housing opportunities affordable to seniors living on limited incomes and enables them to remain in the community,” said NJHMFA Executive Director Charles A. Richman. “Through the award of Low Income Housing Tax Credits to projects like these, we have been able to create affordable housing throughout the state for working families, senior residents and individuals with special needs.”
NJHMFA awarded the $14.3 million project highly competitive 9% Low Income Housing Tax Credits (LIHTC), which generated $11.1 million in private equity. NJHMFA administers the federal LIHTC program in the state which are a key tool to create housing that is affordable for working families, seniors and residents with special needs. Bordentown Township provided $743,838 from its Affordable Housing Trust Fund.
Waterfront Village is also participating in NJHMFA’s Services for Independent Living program, which works to enhance the quality of life for residents living in Agency-financed senior housing developments. The program is currently available in 101 buildings and serves approximately 11,000 residents.
The apartments are close to major highways and public transportation, retail and dining opportunities, and recreation and walking paths that connect to the county’s trail network.
A second phase to include 66 affordable apartments for families is planned off of Route 130.
Residents began moving into Waterfront Village in July. Rents on the apartments range from $297 to $874 depending on income level. For information on rentals, call 856-854-4660.
Volunteers of America Delaware Valley is providing social services for the five apartments set aside for homeless veterans as well as all building residents. Services will include housing counseling, financial planning, transportation, income support services, employment and educational assistance, and life skills training, among other services.
Volunteers of America Delaware Valley, based in Camden, provides community-based assistance to populations in need so that they can lead self-fulfilled, independent lives. This is the latest project by the developer to receive NJHMFA financing. Earlier this year, a groundbreaking marked the construction start of Centerton Village, a 103-apartment complex affordable to families and veterans in Mount Laurel.
For more information on NJHMFA and its programs, visit njhousing.gov.