Monroe affordable housing project for veterans underway
MONROE – Work has begun on an 80-unit apartment building for veterans on Cranbury Half-Acre Road.
Valor Pointe, developed by Mount Laurel-based Conifer Realty, will help satisfy the township’s affordable housing obligation.
The township-owned tract contains a playground, dog park, basketball court and cricket pitch, known as Patriot Park.
In 2019, the township accepted by deed from K. Hovnanian at Monroe NJ, the 25.15-acre property.
“We are thrilled to be moving forward on the construction of affordable housing for veterans as we are so grateful for their service to our country,” Mayor Stephen Dalina said in a statement. “The acquisition of this land in 2019 served three very important purposes for the township. It increased our open space inventory and added convenient recreational facilities that residents have been using for some time now. This is the third, and perhaps most important piece – affordable housing for veterans.”
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In 2021, Conifer and the township signed a 30-year PILOT (Payment in Lieu of Taxes) agreement. Once the building is completed, Conifer instead of paying property taxes will pay the township an annual lump sum, ranging from $61,632 at the beginning of the agreement to $139,469 in the final year.
Conifer owns and manages nearly 15,000 multifamily units in more than 220 apartment communities in New York, New Jersey, Pennsylvania and Maryland. The firm specializes in developing affordable housing communities.
Email: sloyer@gannettnj.com
Susan Loyer covers Middlesex County and more for MyCentralJersey.com. To get unlimited access to her work, please subscribe or activate your digital account today.
This article originally appeared on MyCentralJersey.com: Monroe NJ affordable housing project for veterans underway
