TD Bank has committed to finance the second phase of Valley Brook Village, creating 50 additional units of affordable rental apartments with on-site support services for homeless and disabled veterans in New Jersey.
The bank has provided a $16.7 million commitment, including a $6 million construction loan through its Commercial Real Estate Group and $10.7 million in low-income housing tax credit equity through its Community Capital Group in partnership with an investment fund sponsored by National Equity Fund.
The funds will support the Affordable Housing and Services Collaborative and Peabody Properties and aid in the expansion of the existing 62-unit development, a Department of Housing and Urban Development and Veterans Affairs Supportive Housing (HUD-VASH) community for homeless veterans on the campus of the VA’s New Jersey Health Care System in Lyons, N.J.
Phase II of Valley Brook Village includes the development of a new three-story building consisting of 50 one-bedroom apartments, which will be situated around a common green to complement the existing village-style community. The development, which is being built by development partner Windover Construction, will provide permanent housing for homeless and at-risk veterans of all ages and branches of the military. In addition, an array of supportive services and amenities designed to assist veterans in meeting their personal and career goals will be provided by Community Hope under the coordination of Peabody Resident Services.
“At TD Bank, we celebrate the dedication of all military personnel for their commitment to our country,” said Thomas McColgan, vice president at TD Bank. “We are focused on projects and resource groups geared toward our veterans, so that they can be part of a supportive community that will enable them to attain their goals and continue to live meaningful lives after military service.”
Building on the success of the first phase, the development will be accessible to nearby health-care services and public transportation. Residents will have access to a shuttle service, landscaped walkways, shared outdoor spaces, and a state-of-the art learning center. The development will also include space for on-site case management, education, and employment services.
“TD Bank has been instrumental in supporting our effort to provide affordable housing for veterans,” said Melissa Fish-Crane, principal and COO at Peabody Properties. “This project will build on the success of phase I, helping to not only expand the close-knit Valley Brook community, but also create a supportive environment with comprehensive services so veterans are empowered to overcome the many challenges they face after returning home from service.”
Valley Brook Village is built on land provided through the VA’s Enhanced-Use Lease Program (EUL) on the VA New Jersey Health Care campus in Bernards Township. The township also provided funding for the project from its Affordable Housing Trust Fund. Additional funding was awarded from the county of Somerset’s Homeless Trust Fund Program, the VA, and several private foundations, including The Home Depot Foundation.
“This development has been crucial for the veterans who reside here; a place to call home for those who have served our country,” said Michael Armstrong, CEO of Community Hope. “The expansion of Valley Brook Village will enable us to continue growing this special community, so that more veterans can benefit from the services and camaraderie that we’re able to provide.”
