Enter Housing Lottery For Affordable Holmdel Apartments

HOLMDEL, NJ — The public can now enter an affordable housing lottery for a chance to live at Cornerstone at Holmdel, an income-restricted multifamily community approved by the township last year.

Construction is entering its final phase, with the 50-apartment development set to open in late spring 2024, Walters, the developers, said.

Applications to enter the housing lottery will be accepted through Wednesday, Dec. 13. The drawing will take place on Thursday, Dec. 21, they said. The building should be ready for occupancy by late spring, the developer said.

Call 732-495-1000 for a housing application or visit waltersgroupapartments.com. Walters is based in Barnegat.

Cornerstone at Holmdel is on nearly four acres on South Laurel Avenue, near the corner of Middle Road.

The Holmdel Planning Board unanimously approved a 50-unit affordable housing project on Middle Road in north Holmdel in May 2022. The housing project will be entirely made up of affordable housing units.

The project includes three, three-story residential buildings, designed and constructed to meet the latest energy conservation requirements. The one-, two-, and three-bedroom layouts range from 667 to 1,150 square feet. Each residence features an enclosed entryway, an open floor plan, upgraded interior finishes and detailing.

There is a buffer of trees and plants between the apartment complex and the backyards of Hazlet residents and the elimination of a proposed driveway onto South Laurel Avenue.

“We’re proud to bring Cornerstone at Holmdel to families in Monmouth County,” said Joe Del Duca, partner and director of Affordable Housing for Walters. “Residents will enjoy the flexibility and convenience of apartment living with high-end amenities at an affordable price.”

Community spaces will include a fitness room, playground and outdoor areas with seating and gas grills.

In the larger community, the development is near Holmdel Towne Center and The Commons at Holmdel. Also nearby is Allocco Park, an 11-acre recreational area with a baseball field, basketball court, a walking trail, tot lot and more.

Cornerstone at Holmdel will be available to residents whose incomes are at or below 60 percent of the area median income. Rental rates vary depending on the size of the apartment and the renter’s gross annual income, according to the rent/income requirements chart on the company website.

The project was the subject of lawsuits by neighboring Hazlet, due to the development's proximity to the township borders, according to a previous Patch article.

During the public hearing for the affordable housing project, the applicant and the board agreed to move the complex 200 feet away from the municipal border, which was a key point in the settlement between Holmdel and Hazlet.