Truman Square adds 172 affordable apartments with supportive services in Edison, NJ

Pennrose and the Township of Edison celebrated the grand opening of Truman Square, a 172-unit affordable housing community for veterans and families located on the former U.S. Army Camp Kilmer base in Edison, New Jersey. The two-phase redevelopment was a key component of Edison’s affordable housing plan and is available for immediate occupancy for residents at a range of incomes.

Speakers at the ceremony included: Thomas Lankey, Mayor, Township of Edison; Jacob Fisher, Regional Vice President, Pennrose; Deborah Hurley, Executive Director, Edison Housing Authority; Rosy Dafonseca, Asst. Dir. of Multifamily/Supportive Housing and Lending, NJHMFA; Leslie Stivale, President/CEO, Triple C Housing, Inc.; Henry Busby, Veterans’ Services Specialist, Middlesex County Veterans Services; Kimmel Cameron, SVP, Acquisitions/Underwriting, Hudson Housing Capital.

“With the grand opening of Truman Square, we are one step closer to reaching the Township’s ambitious affordable housing goals,” said Mayor Thomas Lankey, Township of Edison. “More families and veterans in Edison will now have access to brand new, high-quality affordable housing and on-site supportive services and resources.”

Truman Square offers one-, two-, and three-bedroom apartments available to households earning between 20% to 60% of the area median income (AMI). In addition, 25% of the units carry a preference for veterans and another 25% carry a preference for formerly homeless veterans.  A total of 32 units are set-aside for formerly homeless families. Several units offered at the lowest AMI will be supported through New Jersey’s Division of Developmental Disabilities, the Division of Mental Health and Addiction Services, and the Edison Housing Authority. Pennrose Management Company will serve as property manager and Triple C Housing Inc. will also provide residents with on-site tailored supportive services, including peer support and veteran to veteran services.

The brand-new apartments feature modern, fully equipped kitchens with electric range and dishwasher; spacious closets; vinyl kitchen flooring; in-unit and on-floor laundry facilities; and resident controlled heating and cooling. The building is pet-friendly, and residents will also enjoy ample shared amenities, including inviting community rooms; fitness centers; professionally landscaped grounds; secured access entry; on-site professional management team; and service oriented maintenance with 24-hour emergency call service.

“We are proud to partner with the Township of Edison to help meet their affordable housing goals and deliver high-quality affordable housing and supportive services designed for the local community,” said Jacob Fisher, Regional Vice President at Pennrose. “Camp Kilmer was one of the largest processing centers for troops during World War II, and we are thrilled to give this historic site a second life designed to support those who served our country just in time for Veterans Day.”

Phase A was funded with a Santander construction loan, Santander equity from the sale of 9% Low-Income Housing Tax Credits, Grandbridge / Freddie Mac first position debt, Middlesex County Housing First Capital Funds, Middlesex County HOME Funds, funds from the Federal Home Loan Bank of New York Affordable Housing Program, and deferred developer fee.  Phase A partnered with the Edison Housing Authority, NJ Division of Mental Health and Addiction Services, and NJ Division of Developmental Disabilities for rental subsidy vouchers.

Phase B was funded with a NJHMFA construction loan, HSBC equity from the sale of 4% Low-Income Housing Tax Credits, NJHMFA first position debt, and NJHMFA secondary sources including Sandy Special Needs Housing Funds, Funds for Restoration of Multifamily Housing, Multifamily Production Funds, as well as deferred developer fee.

Pennrose is committed to developing high-quality, affordable housing for veterans across the country. Pennrose also recently celebrated the grand opening of One Thompson Avenue, a 100% affordable veterans and family housing community in Dover, New Jersey and the grand opening of Bensalem Veterans Residences, a 40-unit affordable residential community for seniors and senior veterans in Bucks County, Pennsylvania.