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Chatham, NJ 07928

$5 Million State Award to Complete Funding For Post Office Plaza Affordable Housing Project

PRESS RELEASE
For Immediate Release
Stephen W. Williams, Borough Administrator
Melanie Politi, Communications Coordinator
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CHATHAM, NJ – The Borough of Chatham is pleased to announce that the New Jersey Department of Community Affairs has given final financing approval from its Affordable Housing Trust Fund for the Borough’s 15-unit, 100% affordable housing project the Borough is developing in conjunction with the Bergen County United Way.   Mayor Carolyn Dempsey and BCUW President Tom Toronto received the good news this week.

The DCA’s funding award of $5,071,497.00 represents more than 75% of the necessary funding for this project, which is located in the “Post Office Plaza” in the center of the Borough, which is close to shops, restaurants, and the New Jersey Transit rail station.   The project will front on Bowers Lane, just off of Main Street.

The remainder of the project funding will come from traditional grants and loans along with $500,000 from the Borough’s own Affordable Housing Trust Fund.   The 15 affordable housing units will be in a 2 and ½ story building containing 10 two-bedroom apartments, three 3-bedroom units and two 1-bedroom units.

After a lengthy debate over the future of Chatham’s downtown and the need to meet its Third Round of affordable housing obligations as mandated by state law, in May 2022 the Borough Council determined that it would ensure funding for an all-affordable housing project in lieu of having a large developer build those units as part of a 100-unit project that would have had a far more substantial footprint right in the heart of the community.   The Court Order approving the Borough’s plans required the Borough to ensure that full funding for the project was available, including through taxpayer funds, if required.

“The receipt of this generous award from the State is the final key to ensuring that groundbreaking on this project can begin in the next few months,” said Mayor Dempsey.   “We made a promise to Chatham’s residents that we would meet our affordable housing requirements in a way that would keep the traditional face of our community intact and the lowest possible cost to our taxpayers.  Some people did not believe that would be possible, but with this award, and working closely with our partners at the United Way, we can now announce that we are well on our way to keeping that promise.” 

The Borough will provide further updates about a groundbreaking date for the project soon.