A new 64-unit development is providing affordable housing options in Delanco, N.J.
Built on the site of a former pipe factory, Cornerstone at Delanco features a mix of one-, two- and three-bedroom apartments for residents earning no more than 60% of the area median income.
The development is the latest project from Walters, which has several more affordable housing developments underway in New Jersey
“We are really proud of this community, and it wouldn’t have happened without the wonderful support of the town and its leaders,” said Joseph Del Duca, partner and director of affordable housing for Walters. “Among the things we’ve accomplished here are to ensure that everybody has their own front door while having the opportunity to participate in many on-site activities”
Cornerstone at Delanco is located adjacent to New Jersey Transit’s Delanco Rail Station and borders Rancocas Creek. It’s on the former site of Rhawn Flange and Machine Co., which was abandoned for several years before a 2014 fire forced the township to demolish it, according to officials.
A LEED Gold and ENERGY Star community, the development provides an energy-efficient and cost-saving environment for residents.
In addition, the open floor plan apartments feature a full-size washer/dryer in every unit, fully equipped kitchens, and ceramic tile in the bathrooms. The development also includes secure key fob access, intercom entry and cameras, an outdoor barbecue and picnic area, a children’s tot lot, covered bicycle storage, a clubhouse with fitness center, computer workstations, and 24/7 on-site management and maintenance. A social service coordinator is available upon request.
Wells Fargo was a key partner in financing the $17.15 million development. The bank provided $15.6 million in low-income housing tax credit equity as well as a $9.45 million construction loan and a $500,000 permanent loan. Walters contributed about $1.05 million in deferred developer fees.
Rental rates, which are based on income, family size, and unit size, will be between $424 per month and $1,150 per month.
