New Affordable Housing Community Opens In Morris County

MORRIS COUNTY, NJ — A new affordable housing community, with units starting at just $784 per month, has officially opened.

A ribbon-cutting ceremony was held earlier this month for Cornerstone at Chatham, a 63-unit apartment community at 522 Southern Boulevard in Chatham Township, built to fulfill the township's third-round affordable housing obligations.

The community offers high-end finishes, parking, a fitness center, clubhouse, patio with seating and grills and secured entryways. Residents also benefit from on-site support services, property management and community engagement.

Developed by Barnegat-based Walters, the new three-building community was constructed on a 3.2-acre site that once housed the defunct Charlie Brown's restaurant, 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.

Walters' newest development meets the demand for affordable housing in Morris County, made possible through a unique funding partnership with Chatham Township.

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

The units at Cornerstone at Chatham are 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.

Applications for the housing lottery opened in August, with the random selection process taking place in September. According to officials, the lottery was not a 'win-lose' system; it randomized applications received before the deadline to create a waitlist. Any new applications received after the lottery will be processed on a 'first come, first served' basis.

Cornerstone at Chatham also offers a Veteran Preference Program for up to 13 units, giving qualified veterans priority on the waitlist for open apartments.

“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.

For more information on how to apply, click here.