From Affordable Housing Finance:
"After 14 months of construction, a 70-unit apartment community is about to welcome military veterans, including those transitioning from homelessness, in Tinton Falls, New Jersey. The development is one of the first private veterans’ communities in the U.S. to offer rental housing to former service members at a range of incomes along with comprehensive services, including a program to help move veterans toward homeownership, announced WinnCompanies.
Federal, state, county, and local officials recently gathered at the Gordon H. Mansfield Veterans Community to celebrate the December opening of the $23 million mixed-income property with apartments for veterans earning between 30% and 80% of the area median income.
Financing for the project came from the New Jersey Housing and Mortgage Finance Agency (NJHMFA), which provided construction and permanent financing from the Agency Revenue Bond Financing Program and a subsidy mortgage loan commitment from the NJHMFA’s Multifamily Rental Housing Production Fund; low-income housing tax credit equity provided by Bank of America; a subordinate mortgage from the Federal Home Loan Bank of New York Affordable Housing Program; federal HOME funds administered by Monmouth County; and a deferred developer fee. In addition, the New Jersey Department of Community Affairs (NJDCA) awarded 18 Housing Choice Project-Based Vouchers to the project to assist homeless veterans."
Read Affordable Housing Finance's article "Mixed-Income Community for Veterans Opens in New Jersey," featuring the NJ Department of Community Affairs.