Saddle Brook Court will be an affordable family housing community, situated on 15-acres in Hanover Township, Morris County, New Jersey. Through its completion, residents of the Township will have access to much-needed high-quality rental housing.
Saddle Brook Court will offer 78 units, designed to accommodate a range of household sizes and income levels. There will be 15 one-bedroom units, 39 two-bedroom units, and 24 three-bedroom units to accommodate larger households. Each unit will be set aside at affordable rents across a broad range of incomes: twelve units will be set aside for individuals earning less than 30% of Morris County Area Median Income (AMI), 28 units will be made available to households earning less than 50% of AMI, and 33 units will be set aside for those households earning no more than 60% of AMI. Additionally, Ingerman has committed to set aside 5 units at very low rents for youth aging out of foster care. The community will also feature a central community building that will house the leasing and management offices, maintenance office,
as well as community space for meetings, workshops, and recreational programming. Residents will also benefit from the site location; it is convenient to several drug stores, grocery stores, and the local YMCA, which offers child care, recreational programming, and fitness and health services.
The buildings will feature a fašade of brick and vinyl siding, and will be three-stories in height. The interiors will offer oversize windows, Masonite six-panel doors, vinyl composite tile, wall-to-wall carpeting,central air, and in-unit washers and dryers. Kitchen amenities include a full appliance package including a dishwasher and a garbage disposal.
Saddle Brook Court is being fi nanced by $14.7 million in equity raised from Low Income Housing Tax Credits, as well as a $2.9 million permanent mortgage from the New Jersey Housing Mortgage Finance Agency, $1.4 million in Affordable Housing Trust Funds from Hanover Township, and an additional $450,000 in affordable housing subsidy from the Township. Ingerman Construction Company is the general contractor and Ingerman Management Company will be the management agent.