Levine Staller Secures Approvals for EHT Affordable Housing Development

Levine Staller’s Ben Zeltner recently secured approvals for an affordable housing development in Egg Harbor Township. The story from the Press of Atlantic City follows:

Egg Harbor Township panel approves plan for affordable housing development
By Christian Hetrock, Staff Writer

The Egg Harbor Township Planning Board unanimously approved the first of a two-phase major site plan Monday to construct an affordable housing development.

Phase one of the project establishes groundwork for the construction of 76 rental apartments in four buildings, a clubhouse and off-street parking for 152 vehicles. The approval also allows the applicant, Egg Harbor Family Associates LLC, an affiliate of The Michaels Organization, to make improvements to Gravesmith Drive and Ravenworth Court to create a connection road between Fire Road and Gravesmith Drive and an entry drive during construction. The property is located within Columbus Avenue, Fire Road, Doughty Road and Decadon Drive.

Preference for residence will be given to people displaced by Hurricane Sandy, said Jonathan Lubonski, a development officer for The Michaels Organization. He said there also could be a waiting list for Egg Harbor Township residents who want to live on the property.

Lubonski said residents will be in two income categories: those who earn within 50 percent of area median income and those who earn 60 percent. Rent for a one-bedroom apartment at the 50 percent level will be $596 per month. At the 60 percent level, it will cost $718 per month, Lubonski said. A three-bedroom apartment will cost $885 per month for those at the 50 percent level and $1,062 per month for those at the 60 percent level. Lubonski described the potential residents as being entry-level teachers or police officers.

Lubonski said the entire project will cost $20 million to $21 million, which will be paid with funds from the New Jersey Housing and Mortgage Finance Agency, a 4 percent tax credit and a CitiBank subordinate loan. He said an application for financing is due at the end of the month, and if approved, construction could begin as early as July.

The development includes eight single-bedroom, 44 two-bedroom and 24 three-bedroom apartments within four buildings. Three of the buildings have 24 apartments and are three stories high. The fourth, a two-story building, will have four apartments and a clubhouse. The clubhouse will have a leasing office, a maintenance office, a community room, exercise equipment and a laundry room. All of the apartments have a hookup for individual washing machines.

The development will eventually have 136 apartments once the second phase is completed. Peter Miller, township administrator, said that even with this development and others, the township still has a way to go to meet the 763 affordable housing units required of the township.

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