National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Valley Brook Village Apartments

Valley Brook Village Apartments

Veterans Housing

Valley Brook Village Apartments is a new 61-unit Veterans Affairs Supportive Housing (VASH) community located on the VA Medical Center Campus in Lyons, New Jersey. The fully-furnished one- and two-bedroom handicap-accessible residences target homeless and at-risk-of-being homeless veterans. Rents for 50 units are funded through project-based VASH, which is Section 8 rent subsidies for homeless veterans, and the remaining 11 target at-risk veterans earning 40 percent of Area Median Income.

Resident common spaces form a village-style setting on more than 16 acres designed to maximize the landscape with open green spaces, patios and walking trails. Other amenities include a fitness center, community room with kitchen, computer learning stations, laundry facilities and nearby recreational areas.

Supportive services are provided on-site through Community Hope, the largest non-profit provider of transitional housing services for veterans in New Jersey and include counseling and medical/mental health services. Two full-time case managers work with veterans to create an individual recovery plan and a full-time employment training specialist assists with job placement.

Valley Brook is a joint venture between developers Peabody Properties and Windover Construction. Peabody is one of the largest property management companies in New England and Windover is the general contractor. National Equity Fund® invested $8.4 million of LIHTC equity.


Project Details

Completed
2013
Location
151 Knollcroft Road
Lyons, NJ
Project Type
Veterans Supportive Housing
Mix of Residences
59-1 br, 2-2 br
Limited Partnership
VBV I, LLC
Tax Credit Equity
$8.4 million
Total Project Costs
$15.5 million
Sponsors
Peabody Properties, Inc.

Windover Construction, LLC
Permanent Lenders
New Jersey Housing & Mortgage Finance Agency

Mortgage Affordable Housing & Services Collaborative, Inc.
Awards
2014 Charles L. Edson
Tax Credit Excellence Award

2014 Readers' Choice Finalist
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