NJHMFA Approves Financing for New Affordable Housing Development in Freehold

TRENTON, NJ - The New Jersey Housing & Mortgage Finance Agency (NJHMFA) Board approved financing commitments for Willows at Jackson Mills, a new affordable housing development in Freehold Township, Monmouth County that is expected to be completed by the end of 2027.

At the July meeting, the NJHMFA Board approved a permanent loan through the Agency Revenue Bond Financing Program totaling $3.771 million and a subsidy loan through the Special Needs Housing Trust Fund (SNHTF) totaling $1.8 million.

Willows at Jackson Mills was awarded 9% Low Income Housing Tax Credit financing in the 2025 9% Supportive Housing Cycle. The project will serve families and individuals with developmental disabilities and will consist of 46 units, 12 of which will be reserved as supportive units.

"Willows at Jackson Mills will expand access to high-quality, affordable housing in one of Monmouth County's growing communities," said Melanie R. Walter, Executive Director of NJHMFA. "By combining Special Needs Housing Trust Fund financing with 9% Low-Income Housing Tax Credits, this development will provide affordable homes for families while creating meaningful housing opportunities for individuals with developmental disabilities."

The Special Needs Housing Trust Fund finances housing opportunities for individuals with additional support needs, so all individuals can live within their local communities and access the services they need. The project will include supportive social services in the on-site community center.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: njhousing.gov