A 100% affordable veterans and family housing community in Dover celebrated its grand opening, according to the town and developer Pennrose.
One Thompson Avenue fits into Dover’s downtown master redevelopment plan, including 70 new apartments and on-site supportive services from Triple C Housing, Pennrose said in a news release.
The building features one- to three-bedroom layouts, with all units available to households at or below 60% of the Area Median Income. In addition, 50% of the apartments give preference to veterans, and five units are set aside for the formerly homeless.
“As mayor of the town of Dover, I am so pleased that we were able to open our doors to this beautiful facility for our veterans and families who qualify to live here in Dover,” Mayor Carolyn Blackman said in a prepared statement. “This grand opening marks the beginning of a new chapter where high-quality affordable housing is available within the borders of Dover. Pennrose has brought an added jewel to our wonderful town.”
Morris County Department of Human Service Veterans Services and the nonprofit Community Hope have partnered with Pennrose to help connect veterans to this opportunity.
The property was financed through a combination of Low-Income Housing Tax Credit equity, through an allocation from the New Jersey Housing and Mortgage Finance Agency, Morris County HOME funds and debt. Hudson Housing Capital is syndicator for the tax credits and Santander is the purchaser and provided construction debt. Grandbridge Capital is providing permanent debt through a Freddie Mac transaction.
“We are honored to help facilitate the development of this state-of-the-art facility that will serve those who served our country, directly benefiting veterans by providing safe, stable, affordable homes specifically designed to meet their day-to-day needs,” NJHMFA Executive Director Melanie Walter said in a statement.
Pennrose, based in Philadelphia, creates high-quality affordable housing for veterans nationwide. It has two communities in Edison, among others.