Affordable Housing Lottery Opens For Morris County Building

CHATHAM, NJ — An affordable housing lottery for a Morris County building with units starting at $784 per month is open for applications.

The lottery is now open for Cornerstone at Chatham, a 63-unit apartment community located at 522 Southern Boulevard in Chatham Township.

Developed by the Barnegat-based company Walters, the new three-building community is being constructed on a 3.2-acre site that previously housed the defunct restaurant Charlie Brown's, which was demolished last spring.

The sale of 522 Southern Boulevard was agreed upon by Chatham Township and the property owner, Kronos Holdings, LLC, for $4.8 million in 2021.

“This new affordable development will benefit the entire community by offering quality housing opportunities and services to Morris County,” said Joe Del Duca, Partner and Director of Affordable Housing for Walters.

Due to its central location, future residents will have easy access to jobs, shopping, and recreational amenities. Chatham Mall and Hickory Square Shopping Center are both within walking distance, as are the municipally owned Nash Park and Shunpike Field.

The housing project is being built thanks to a unique funding partnership between Walters and Chatham Township. As a result, Walters received an extremely competitive 9 percent Low-Income Housing Tax Credit (LIHTC).

According to Del Duca, Chatham provided the land as well as funding support, including a planned shuttle bus service to the nearby NJ Transit rail station.

The community will feature a mix of two- and three-bedroom units, with parking available for residents.

Amenities will include a fitness center, a community room, and an outdoor patio adjacent to the clubhouse, equipped with seating, tables and gas grills. On request, a social services coordinator will be available, Walters representatives said.

The units at Cornerstone at Chatham will be offered to residents with incomes at or below 60 percent of the area median income. Rental rates, ranging from approximately $784 to $1,917, are based on the renter’s gross annual income, as detailed in the rent and income requirements chart.

Walters currently projects that the entire property will be completed by the fourth quarter of 2024. Applications for the housing lottery will be accepted until Sept. 4, with the drawing scheduled for Sept. 12, 2024.

For more information on how to apply, click here.