Bailey Corner is a 91 unit 100% affordable family rental community that incorporates two municipalities: Pilesgrove Township and Woodstown Borough, Salem County, NJ. The 91 units are located on approximately 11 acres and is within walking distance of Woodstown Town Center and local food stores, restaurants, public transportation and parks. The post office, library, municipal building, police station, schools and day care are all nearby and accessible by public transportation. Bailey Corner is part of a wider redevelopment effort in the area. The adjoining site will be redeveloped into commercial uses. The residential development helps support the new retail center and provide the residents of Bailey Corner with convenient shopping and potential employment opportunities.
Bailey Corner includes 16 one-bedroom, 47 two-bedroom, and 28 three-bedroom apartments located within 11 two-story buildings. All apartments meet the State Energy Star and “Green Futures” requirements including environment-friendly building components, energy-efficient building systems, and low-VOC finishes. Unit amenities include fully equipped kitchens with a frost-free refrigerator, dishwasher, trash disposal, and range, central air-conditioning, porches and/or patios, extra storage closet and washer/dryer hook-ups. Bailey Corner offers an on-site community center equipped with a warming kitchen, community meeting room, management office, superintendent’s unit, and laundry room. Additionally there is a playground, small green space and seating benches outside the community building for the use of the residents.
Bailey Corner offers a full resident services program to its families. An on-site social services coordinator will oversee a program that will include services such as employment and workforce development classes, health seminars and screenings, parenting skills classes, resident council, teen youth programs, and a resident recreational program. Services will be coordinated in conjunction with the Salem County Department of Public Health, Salem County One-Stop Career Center, and the residents of Bailey Corner.
The total project costs equal $20,663,838. Financing of this project will be provided through $7,376,039 of equity raised from the sale of Low Income Housing Tax Credits, $7,680,067 of Tax Credit Exchange equity, a $3,600,000 NJHMFA First Mortgage, $1,090,000 of NJHMFA TCAP funds, and $1,172,000 of Deferred Development Fee. MBI Development Company serves as the project developer, Ingerman Construction Company will serve as the general contractor and Ingerman Management Company will management company.