Pennrose executives joined local, county and state officials on Sept. 9 to mark the opening of Residences at Harper, a 76-unit affordable housing property at 307 Harper Drive in Moorestown. — Courtesy: Pennrose
By Joshua Burd
Pennrose has delivered a new apartment building in Moorestown that will provide 76 units of affordable housing to families and other residents in the area.
The Philadelphia-based developer joined public officials and other guests this week to unveil the property, Residences at Harper, at the intersection of East Gate and Harper drives. It’s now set to welcome residents to the mix of one-, two- and three-bedroom apartments that are available at 30 to 60 percent of the area median income, responding to what it says is an expressed community need for more affordable rental options.
The four-story building includes five units set aside for formerly homeless individuals and families, four that will be accessible to residents with physical disabilities and two that will be outfitted for residents with hearing and vision impairments.
“We’re proud to help support Moorestown in achieving their affordable housing goals,” said Jacob Fisher, a regional vice president at Pennrose. “While the affordable housing crisis can feel insurmountable, today’s milestone reminds us that real change happens one community at a time. More than 70 families will now have access to high-quality affordable housing, community amenities, and robust supportive services.”
Those on hand for Tuesday’s ribbon-cutting also included Mayor Quinton Law, Pennrose Senior Developer Noah Freiberg, New Jersey Housing & Mortgage Finance Agency Chief of Staff Terry Tucker, Burlington County Commissioner Randy Brolo and RBC Capital Markets Managing Director Chris Tully. According to the developer, the project is Moorestown’s first larger-scale Low-Income Housing Tax Credit community for family occupancy, having used equity generated from 9 percent tax credits among several funding sources.
Residents will have access to on-site amenities such as a community room, a fitness center, a playground, a laundry room, professionally landscaped grounds and space for supportive services.
“I’ve spoken to students, teachers and first responders who would love the opportunity to live in Moorestown, but there simply hasn’t been enough access to homes everyday people can afford — places that keep them close to where they work and serve,” Law said. “The residences at Harper Drive are a huge step forward in our commitment to accessible and affordable housing. It’s critical that working families have the opportunity to live in the very community they help make stronger every day. I want to thank Pennrose for their partnership and for working closely with us to ensure this development is a success.”
The project is also receiving support from HMFA’s Affordable Housing Production Fund, Burlington County’s HOME Program and Moorestown Township, according to a news release. RBC Capital Markets is providing the tax credit equity, while Citizens Bank provided the construction loan.
“Affordability is one of Burlington County’s greatest assets, and smart, affordable development like the Residences at Harper helps to meet the need for additional housing opportunities,” said Felicia Hopson, commissioner director of Burlington County. “By supporting quality affordable housing projects, our county is helping to make sure young adults, working families and senior citizens can live safety and securely in Burlington County and benefit from our county’s outstanding communities, schools, job opportunities and quality of life.”
HMFA’s Tucker added: “Today’s grand opening is the culmination of a long road to navigate uncertain circumstances, like the economic changes that impacted the real estate field over the past few years. We cannot thank our partners enough for their innovation during those times and we were proud to do our part with the Affordable Housing Production Fund. Due to these collaborative efforts and persistence on all parties, there are 76 new high-quality affordable homes for families in Moorestown.”
Pennrose, meantime, noted that New Jersey is facing a shortage of more than 200,000 affordable homes, citing data from the National Low-Income Housing Coalition.
“Residences at Harper creates inclusive housing opportunities in one of New Jersey’s top school districts,” said Marsha Blunt, president of Pennrose Management Co. “Our goal is to provide a high-quality living experience that gives residents the stability, resources and support needed to build thriving, successful lives.”
