Hopewell Township has received a $5.7 million contribution to its Affordable Housing Trust Fund from BeOne, as part of the Township’s ongoing affordable housing program.
BeOne’s contribution to the Affordable Housing Trust Fund stems from state guidelines that require developers to either construct affordable housing units as part of new development projects or contribute to the Township’s Affordable Housing Trust Fund.
The Mount Laurel Doctrine, established by New Jersey Supreme Court rulings in the 1970s-80s, requires municipalities to provide their fair share of affordable housing for low- and moderate-income households, addressing exclusionary zoning. To implement it, the state created the Council on Affordable Housing (COAH) in 1985, later replaced in 2024 by the Department of Community Affairs (DCA) and Housing Mortgage and Finance Agency (HMFA) to streamline compliance.
As noted, under these state guidelines, developers are required to either construct affordable housing units as part of new development projects or contribute to the Township’s Affordable Housing Trust Fund. This rule applies to all developers, whether residential or commercial. These regulations ensure that economic growth and development contribute to addressing New Jersey’s affordable housing needs, particularly in communities where market-rate housing costs exceed what low and moderate-income families can afford. BeOne elected to make a payment into the fund, which is dedicated solely to supporting affordable housing initiatives in Hopewell Township.
“This contribution strengthens our ability to meet the Township’s affordable housing obligations while also addressing past commitments,” said Mayor Courtney Peters-Manning, Mayor of Hopewell Township. “We remain committed to creating and preserving housing opportunities that serve the diverse needs of our community.”
The $5.7 million will be used for several purposes, including to pay down existing affordable housing debt associated with the Pennytown property as well as to help finance projects required under the Township’s fourth round affordable housing obligations.
“This funding represents an important step forward in maintaining Hopewell Township’s long-term financial stability while fulfilling our affordable housing responsibilities,” said Committee Member Kuchinski. “BeOne’s investment not only strengthens our affordable housing efforts, but also brings jobs, economic growth, and lasting benefits to our community. Their commitment ensures that Hopewell Township remains a place where families can thrive for generations to come.”
The Hopewell Township Committee would like to extend its sincere gratitude to BeOne for its generous contribution to our affordable housing trust fund and its ongoing commitment to our community. We appreciate BeOne’s partnership in addressing critical housing needs while continuing their vital mission of developing life-saving cancer therapies.
For more information about Hopewell Township’s affordable housing initiatives, please visit our affordable housing page at https://www.hopewelltwp.org/150/Affordable-Housing.
