New Mixed-Use Townhome Community to Provide 49 Affordable Homeownership Opportunities

CLEMENTON, N.J. - New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined state, county, and local officials today to celebrate the groundbreaking of Leewood Villages Phase I, a 49-unit affordable townhome community located on Route 30 in Clementon, Camden County.

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), is providing approximately $3.7 million in construction financing for the project and $2 million through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) program.

"Leewood Villages at Rowand Pond will create high-quality affordable homeownership opportunities in Camden County and bring an infusion of long-term, invested homebuyers into the Borough of Clementon," said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. "My sincere congratulations go out to the development team for recognizing the need for sustainable and affordable workforce housing."

The project, with approximately $11 million in total development costs, will not only provide affordable homeownership opportunities, but will also have a positive economic impact on the greater Camden County community. HMFA estimates that the project will generate approximately $17.4 million in one-time economic output, approximately 105 direct and indirect/induced full-time jobs, and $638,000 in state and local taxes during construction. Upon completion, the project will continue to add value to the community by providing approximately $1.9 million in ongoing economic output, 11 direct and indirect/induced full-time jobs annually, and approximately $110,000 in state and local taxes.

The first phase of the multi-phased Leewood Villages at Rowand Pond will consist of 49 newly constructed townhomes with two- to three-bedroom units and two- to two-and-a-half-bathroom units. All 49 townhomes will be for-sale units, ranging from $169,990 to $199,990. Each unit will have a garage and driveway for two dedicated parking spaces, and include a dishwasher, microwave, range, and refrigerator. Upon completion of all phases, the development will consist of 205 housing units and up to 40,000 square feet of retail and commercial business space on a 30-acre redevelopment area designated by the borough.

"Leewood Villages epitomizes HMFAs mission to increase the availability and accessibility of safe, decent, and affordable housing to families in New Jersey," said HMFA Executive Director Marchetta. "The CHOICE program that financed this project provides subsidy and construction financing for the development of single-family, for-sale housing units that meet the diverse economic development needs of New Jerseys towns and cities."

The project developer Leewood NJ, LLC, is a fully integrated enterprise providing land acquisition and development, design, construction, marketing, sales, and warranty service for all of its homeownership projects with a particular expertise in redeveloping urban, ex-urban, and suburban communities that are looking to kick-start their rebirth.

For more information on HMFA programs, visit www.njhousing.gov.