Nearly $9 million unaccounted for after $26 million theft from New Jersey affordable housing funds

Nearly $9 million remains unaccounted for after money earmarked for an affordable housing property purchase in Cranbury Township, New Jersey, was stolen through a wire transfer.

Authorities have frozen about $17.3 million in assets as they work to recover the remaining stolen funds.

Here's what to know

The Middlesex County township went public with the theft, worth about $26 million, in a Nov. 6 statement, according to NBC New York.

The theft occurred Sept. 28. Mayor Lisa Knierim provided that date in the announcement she issued on the Township Committee's behalf.

Cranbury Township police and the Middlesex County Prosecutor's Office lead an investigation that also involves a recovery task force drawing on police and prosecutors at every level of government, from the township to federal agencies.

The ongoing criminal inquiry prevents the township from releasing further details, officials said.

Knierim pledged to share confirmed updates as soon as they were ready. She also promised to protect residents' financial interests and keep essential municipal services running while the recovery effort continues.

The announcement said town staff worked closely with investigators throughout the case, according to NBC New York. It also said Police Chief Giuseppe DeChiara has kept the committee updated on developments.

What's being done?

The committee intends to introduce ordinances creating two new roles: assistant township administrator and assistant chief financial officer. Once those ordinances take effect, officials hope to fill the roles quickly.

The committee is also weighing whether to hire PKF O'Connor Davies, a municipal accounting firm, under a resolution for more financial consulting help, NBC New York reported.

Insurers are working with township officials to assess how the money might be recovered.

In the township's statement, Knierim acknowledged the uncertainty facing residents.

"We recognize that news of this magnitude will understandably raise questions and concerns among our residents. Those concerns are legitimate, and we take them seriously."

Where can I learn more?

The Cranbury theft diverted money meant for affordable housing.

• In Los Angeles, a homelessness fraud probe alleges a $12 million scheme involving service funds.

• Los Angeles' homeless agency approved $3.5 million for a nonprofit before its leader's fraud charge.

• In Boston, a 754-unit housing project is tied up in court after a $67.5 million deal unraveled.

• A Massachusetts contractor is accused of stealing $7.7 million from Mass Save heat pump rebates.

• Jersey City passed a 15.15% property tax hike, warning the pain would be felt throughout the city.

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