FINANCIAL_SERVICESPENDING

Township of Voorhees AgendaPacket Meeting of May 11, 2026

PILOT Agreement Planned for Voorhees Family Apartments

Annual service charge equal to 6.28% of Project Revenues; pre-permanent financing payments equal to land value taxes not to exceed $40,000 per yearTownship of VoorheesVOORHEES FAMILY APARTMENTS LLCMay 11, 2026

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Description

Voorhees Township plans to enter into a Payment In Lieu Of Taxes agreement with Voorhees Family Apartments LLC for a 60-unit affordable housing development, providing a long-term tax exemption in exchange for an annual service charge tied to project revenues. The arrangement will run for the term of the Affordable Housing Trust Fund mortgage, with potential extension while affordability controls remain in effect.

Contract Details

Contract Amount

Annual service charge equal to 6.28% of Project Revenues; pre-permanent financing payments equal to land value taxes not to exceed $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 Affordable Housing Trust Fund (AHTF) Mortgage until the AHTF Mortgage is paid in full, with possible continuation for an additional period not to exceed [______] years from the date of the AHTF Mortgage if affordability controls remain in place

Renewal Info

Tax exemption and PILOT remain in force for the term of the AHTF Mortgage; after mortgage termination, exemption may continue for a period not to exceed [______] years from the mortgage date if the project remains under specified affordability controls (project-based assistance, UHAC, or LIHTC limits).

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