TD Bank has committed to finance the latest phase of Valley Brook Village, a development that will create 50 additional units of affordable rental apartments with onsite support services for homeless and disabled veterans.
The bank has provided a $6 million construction loan to the Affordable Housing and Services Collaborative Inc. and Peabody Properties Inc. through its Commercial Real Estate Group. The funds will aid the expansion of the existing 62-unit Valley Brook Village development, one of the first Veterans Affairs Supportive Housing communities for homeless Veterans.
TD Bank is funding the development of a three-story building consisting of 50, one-bedroom apartments, situated around a common green to complement the existing village-style community. The development, which is being built by development partner, Windover Construction Inc., will provide permanent housing for homeless and at-risk veterans of all ages and branches of the military. In addition, supportive services and amenities designed to assist veterans in meeting their personal and career goals will be provided by Community Hope and coordinated by Peabody Resident Services, Inc.
"At TD Bank, we celebrate the dedication of all military personnel for their commitment to our country," said Thomas McColgan, Vice President at TD Bank. "We are focused on projects and resource groups geared towards our veterans, so that they can be part of a supportive community that will enable them to attain their goals and continue to live meaningful lives after military service."
Building on the success of Phase I, the development will be accessible to nearby health-care services and public transportation. Residents will have access to a shuttle service, landscaped walkways, shared outdoor spaces and a state-of-the art learning center. The development will also include space for onsite case management, education and employment services.
"TD Bank has been instrumental in supporting our effort to provide affordable housing for veterans," said Melissa Fish-Crane, principal and COO of Peabody Properties Inc. "This project will build on the success of Phase I, helping to not only expand the close-knit Valley Brook community, but also create a supportive environment with comprehensive services, so veterans are empowered to overcome the many challenges they face after returning home from service."
Valley Brook Village is built on land provided through the Department of Veterans Affairs Enhanced-Use Lease Program on the VA New Jersey Health Care campus in Bernards Township. The township also provided funding for the project from its Affordable Housing Trust Fund. Additional funding was also awarded from the County of Somerset's Homeless Trust Fund Program, the VA and several private foundations, including The Home Depot Foundation.
"This development has been crucial for the veterans who reside here; a place to call home for those who have served our country," said Michael Armstrong, CEO of Community Hope Inc. "The expansion of Valley Brook Village will enable us to continue growing this special community, so that more veterans can benefit from the services and camaraderie that we're able to provide." Construction has started and is expected to be completed by September 2019.
