FINANCIAL_SERVICESAPPROVED

Township of Voorhees AgendaPacket Meeting of May 11, 2026

Voorhees OKs PILOT Deal for Family Apartments

Annual service charge equal to 6.28% of Project Revenues; pre-permanent-financing payments equal to land taxes, capped at $40,000 per yearTownship of VoorheesVOORHEES FAMILY APARTMENTS LLCMay 11, 2026

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Description

The Township of Voorhees approved a financial agreement with Voorhees Family Apartments LLC granting a long-term tax exemption for a 60-unit affordable housing project in exchange for annual payments in lieu of taxes based on 6.28% of project revenues. The agreement, tied to the Affordable Housing Trust Fund mortgage term, replaces conventional property taxes with a structured service charge and land-value-based payments during construction.

Contract Details

Contract Amount

Annual service charge equal to 6.28% of Project Revenues; pre-permanent-financing payments equal to land taxes, capped at $40,000 per year

Vendor

VOORHEES FAMILY APARTMENTS LLC

Agency

Township of Voorhees, NJ

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

From execution of the AHTF Mortgage until the AHTF Mortgage is paid in full, with potential continuation for an additional specified number of years if affordability controls remain in place

Renewal Info

PILOT and tax exemption are effective from execution of the Affordable Housing Trust Fund (AHTF) mortgage through its payoff, and may continue for an additional fixed number of years (blank to be filled in the final agreement) if the project remains subject to affordability controls under federal or state programs as required by the Fair Housing Act. Upon termination of the exemption, the property becomes fully taxable and may be treated as omitted property.

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