Walters, a Barnegat award-winning developer, held a ribbon-cutting ceremony to celebrate the grand opening of Cornerstone at Chatham, a LEED®-certified community offering 63 premium income-restricted housing units.
The event was held at 522 Southern Boulevard in Chatham Township. Joining the Walters’ team were Chatham Township Mayor Stacey Ewald, NJHMFA Executive Director Melanie Walter, and other local dignitaries.
“We are enormously proud to deliver this brand-new community which offers much-needed homes for families in Morris County,” Joseph Del Duca, partner and director of affordable housing for Walters said. “We’re extremely grateful to the township for their support from the start of this project.”
“Cornerstone at Chatham’s 63 new affordable apartment homes represent the excellent work municipal and development partners have been able to achieve across New Jersey,” said the New Jersey Housing and Mortgage Finance Agency Executive Director Melanie R. Walter. “Walters and the Borough of Chatham showed creativity, adaptability, and resilience along the way to making this wonderful new housing possible. NJHMFA is proud that its dedication of state Affordable Housing Production funds could help this project come to fruition.”
Walter’s newest development was developed through a unique funding partnership between Walters and Chatham Township. As a result, Walters was awarded an exceptionally competitive 9% Low Income Housing Tax Credit (LIHTC). The town provided the land and funding support, including a planned shuttle bus service to the nearby NJ Transit rail station.
The new community comprises three buildings and offers a mix of one-, two- and three-bedroom units. It was built on a 3.2-acre site, formerly occupied by a defunct restaurant, demolished last spring. Its central location offers residents convenient access to jobs, shopping, and recreational amenities. Every residence features a full-size washer and dryer, fully equipped kitchens, window blinds in every room, and secure key fob access.
Cornerstone at Chatham apartments are available to residents whose incomes are at or below 60% of the area’s median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.