TD Bank Invests in Affordable Housing for Veterans in Basking Ridge

Veteran family standing in front of home

November 14, 2018 - Banking Our Communities New Jersey, New York and PA

TD Bank, America’s Most Convenient Bank®, announced its commitment to finance Phase II 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 $16.7 million commitment including a $6 million construction loan through its Commercial Real Estate Group and $10.7 million in low-income housing tax credit equity through its Community Capital Group in partnership with an investment fund sponsored by National Equity Fund. The funds will support the Affordable Housing and Services Collaborative Inc. and Peabody Properties Inc. and aid in the expansion of the existing 62-unit Valley Brook Village development, a first of its kind Veterans Affairs Supportive Housing (VASH) community for homeless Veterans.

Phase II of Valley Brook Village includes the development of a new three-story building consisting of 50 one-bedroom apartments, which will be 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, an array of supportive services and amenities designed to assist veterans in meeting their personal and career goals will be provided by Community Hope under the coordination of 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 & Chief Operating Officer, 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 (EUL) 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, Chief Executive Officer, 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.”

This project reinforces TD Bank’s launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health. Construction has started and is expected to be completed by September 2019.

About TD Bank:

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.

Media Contact:

Amber Leahy
TD Bank VP, Corporate Communications
amber.leahy@td.com
856-505-1169


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