Monroe approves affordable housing plan. Here's what we know
MONROE – To help satisfy the municipality’s affordable housing obligation, a developer is partnering with the township to build a four-story, 80-unit apartment building for veterans on Cranbury Half-Acre Road.
Conifer Realty, of Mount Laurel, will be developing the apartment building on property owned by the township.
“Monroe Township is fortunate to be home to thousands of veterans who have served in every branch of the United States Armed Forces, many of whom served in times of conflict and/or war dating back to World War II,” Mayor Stephen Dalina said in a statement. “We consider these brave men and women to be township treasures. With the recent planning board approval, we are happy to see this township sponsored affordable housing project – dedicated to veterans – moving forward.”Under the state's affordable housing formula, the 80 units for veterans "saves the township 320 units of market-rate housing," Township Business Administrator Alan Weinberg said.
In 2019, the township accepted by deed from K. Hovnanian at Monroe NJ, 25.15 acres on Cranbury-Half Acre Road.
The tract contains a playground, dog park, basketball court and cricket pitch, known as Patriot Park. The park will remain on 18.59 acres while the L-shaped apartment building will occupy the rest of the parcel.
No timeline has been set for the construction.
Local:'Everybody forgot about Henri': Monroe community finally gets flood money year after storm
The veterans housing is being developed under the income-based Affordable Housing Rehabilitation Program. This program was established under the larger Monroe Township Housing Element and the court-ordered Fair Share Plan to assist income-eligible residents repair their homes to comply with housing codes and safety standards. The program is funded by a state assessment on new construction.
In December, Conifer and the township signed a 30-year Payment in Lieu of Taxes (PILOT) tax exemption 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.
Conifer is constructing a 100-unit affordable community in Branchburg called Red Rock Preserve.
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: NJ affordable housing: Monroe, developer partner for veterans
