Capital One has played a significant role in the development of South Orange Commons, a remarkable 26-unit affordable housing community in South Orange. This initiative aims to provide much-needed housing solutions to the local community.

Capital One's Impact on Affordable Housing in South Orange

Overview of South Orange Commons

South Orange Commons is a 26-unit affordable housing community that has received a substantial $5.8 million construction loan from Capital One. More than half of the units are dedicated to special needs households, supported by the New Jersey Department of Human Services’ Division of Developmental Disabilities. The goal is to enable adults with various developmental and physical capabilities to live as independently as possible.Bergen County United Way (BCUW) is the lead developer, partnering with Madline Corporation, Penwal Affordable Housing, and Jespy House. BCUW has a proven track record of developing nearly 300 units of low- and moderate-income housing across 25 properties, including special needs and senior housing for both rental and homeownership.

Unit Features and Amenities

This property offers a diverse range of one-, two-, and three-bedroom units. These units are restricted at 30%, 50%, and 60% of the area median income (AMI), ensuring affordability for a wide range of residents. In addition to the well-designed living spaces, South Orange Commons will feature a community room, a rooftop terrace, and lounge areas for residents to enjoy. These amenities enhance the quality of life for the residents and foster a sense of community.Onsite services are also provided, including residential day programming, employment training and placement, clinical and behavioral health, athletics and fitness, recreation and the arts, and daily living skills. These services address the various needs of the residents and help them lead more fulfilling lives.

Impact and Significance

Roy Danniell, the community finance capital officer at Capital One, emphasized the importance of this project. "We're pleased to work alongside organizations across the public, private, and nonprofit sectors to finance quality, inclusive and affordable housing in a region where there is a significant need," he said. This community not only meets the shared goal of increasing affordable housing supply but also incorporates supportive services that respond to resident needs.Tom Toronto, the president of Bergen County United Way, also highlighted the significance of providing affordable homes. "South Orange Commons is an opportunity for BCUW and our partners to deliver on our mission to provide affordable homes to our neighbors and community members," he said. "To us, providing housing goes beyond the building. We are committed to fostering community, engaging residents in social activities, and supporting them with skill-building opportunities related to employment, health and more."The development of South Orange Commons is a testament to the collaborative efforts of various organizations and the importance of affordable housing. It sets an example for other communities and shows that with the right support and investment, affordable housing can be made a reality.