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Edgewood expands veterans housing program within growing New Jersey portfolio

With Veterans Day approaching, Edgewood Properties has announced an expansion of a program that helps provide housing to military service members.

The developer this week said it would make additional units within its portfolio available to veterans, thanks to a state law that allows them to count toward a property’s allotment of affordable housing. In addition, it will observe Veterans Day by unveiling a new residential project in Monroe, The Lofts at Monroe Park, with seven affordable housing units immediately available for veterans, with another 66 age-restricted affordable housing units under construction.

Edgewood also plans to break ground that same day at The Lofts at South Toms River, a development that will also have a veterans housing component.

“We as a nation owe a great deal of thanks to our veterans,” said Jack Morris, chairman and CEO of Edgewood Properties. “We were thrilled when New Jersey reclassified ‘affordable housing’ to include veterans, and were extremely proud to support that legislation. Now we can put words to action and create a more affordable lifestyle for our veterans. It is our obligation to support them.”

In a news release, the company said its Veterans Affordable Housing Initiative is an extension of the Veterans Preference program launched in 2019 with the opening of The Edge at Freehold, a 209-unit luxury apartment complex along Route 9. At the time, Edgewood said it would seek to match veterans and active duty personnel with their housing needs and provide other benefits such as reduced up-front costs and discounts on furnished rentals.

The Lofts at Monroe Parke in Monroe Township

 

In addition, veterans and active duty personnel receive wait list priority when rentals with income limits are available.

Edgewood, one of the largest independent development and management companies in the U.S., owns and manages more than 20 residential properties in New Jersey, with opportunities for veterans. In all, the firm has set aside hundreds of affordable housing units for veterans, as it will continue to do with developments that it has planned across the state.

A rendering of the The Lofts at South Toms River in Toms River

The properties where veterans’ affordable units are currently available are:

  • Centre Place, Edison
  • The Villas at Fairway, Piscataway
  • Park Lane at Garden State Park, Cherry Hill
  • Gabrielle Run, Toms River
  • Sycamore Landing, Phillipsburg
  • The Edge at Freehold, Freehold
  • The Lofts at Monroe Parke, Monroe Township
  • Fox Hollow, Branchburg

There are roughly 30 additional projects in Edgewood’s development pipeline that include a veterans component, the news release said.

“This is a tremendous first step in our state,” Morris said. “My hope is that someday we can include our first responders in the New Jersey affordable housing mandates. Our veterans and first responders have done so much for our communities — it’s only right that we support them as well.”

Joshua Burd
https://re-nj.com/edgewood-expands-veterans-housing-program-within-growing-new-jersey-portfolio/
Edgewood expands veterans housing program within growing New Jersey portfolio

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