Michaels debuts Victory Commons affordable housing in Voorhees

The basics:

• The Michaels Organization debuts 81-unit affordable housing community Victory Commons
• $30M Voorhees Township project serves households earning ≤60% of area median income
• Financing includes LIHTC equity, NJHMFA loans, Camden County support
• Development highlights public-private partnership amid NJ housing shortage

The Michaels Organization opened Victory Commons in Voorhees Township April 30, introducing 81 units of affordable housing in Camden County.

Located at 1223 Haddonfield-Berlin Road, the $30 million project is income-restricted to households earning 60% or less of the Area Median Income (about $63,000). It features one-, two- and three-bedroom floorplans, along with parking, a clubhouse and additional amenities.

The Camden County Board of Commissioners joined TMO to cut the ribbon on the new development. The project addresses the urgent and growing need for housing, in New Jersey and nationwide. It also helps advance local objectives.

“Increasing access to safe, high-quality affordable housing remains a paramount priority,” Commissioner Director Louis Cappelli Jr. said. “Developments like Victory Commons are critical to ensuring that more of our residents throughout the county have a place they can call home.”

For Camden-based The Michaels Organization, the grand opening also “marks a significant milestone in our mission to deliver high-quality, affordable family housing to high-opportunity communities,” said Regional Vice President Nicholas Cangelosi.

He described the project as a testament to the power of public-private partnerships. “We are immensely grateful for the unwavering support from our vital partners – the Township of Voorhees, Camden County, the New Jersey Housing and Mortgage Finance Agency and TD Bank – all of whom helped make this vision a reality,” he said.

Work began on the project in 2024.

Financing for Victory Commons includes $9.2 million in private equity funds raised through the sale of federal Low-Income Housing Tax Credits allocated by NJHMFA. That agency also provided a $5 million permanent mortgage and $10 million in Housing Production Loan funds as well as $750,000 via the NJHFMA Special Needs Housing Trust Fund.

Additionally, Camden County provided a $1.8 million HOME Investment Partnership Loan.

Victory Commons puts the benefits of collaboration on full display.

Assembly Majority Leader Lou Greenwald, D-1st District, said, “Projects like [this] don’t happen by accident; they’re the result of strong public investment, real partnership across all levels of government, and a local commitment to planning for and delivering housing that meets the needs of the community.”

The Victory Commons development team also includes architects and designers Urban Practice and PS&S, according to TMO.

Laying the foundation

J.P. Morgan Private bank estimates the U.S. is short about 2.8 million housing units. New Jersey’s share of the deficit is approximately 200,000 units.

Earlier this week, Gov. Mikie Sherrill signed an executive order that aims to help boost the Garden State pipeline. The directive seeks to coordinate a statewide strategy to tackle the issue. To begin, agencies have 60 days to submit recommendations. Advocates and industry representatives applauded the “whole of government” approach.

“This is an important step forward in addressing New Jersey’s affordability crisis,” New Jersey Builders Association CEO Jeff Kolakowski said of the EO. “Our challenges are driven by a shortage of housing supply … New Jersey can build its way toward greater affordability, a greener and more energy-efficient housing stock, and more modern, resilient communities but only if we make it easier to build and identify where a full range of diverse housing options should be encouraged.”

In Camden County, the housing shortage tops 19,000 units, according to National Low Income Housing Coalition.