A rendering of The Commons at Springdale, a new 160-unit multifamily development by Pennrose and the Jewish Federation of Southern New Jersey — Courtesy: Pennrose
By Joshua Burd
Pennrose and a community organization have started construction on a new 160-unit affordable housing complex in Cherry Hill that will serve older adults and those with special needs.
The developer, which is partnering with the Jewish Federation of Southern New Jersey, broke ground Tuesday on the first piece of what will be known as The Commons at Springdale. The initial phase at 1721 Springdale Road will include 80 rental units, 20 percent of which will be designed to support individuals with special needs.
All units will be designated for renters who are at or below 60 percent of the area median income, with some of the apartments going as low as 30 percent of that mark. Phase one is slated to open next summer.
“Pennrose is committed to improving communities and transforming lives with high-quality, affordable housing,” said Jacob Fisher, regional vice president at Pennrose. “The Commons at Springdale Road will help meet a significant community housing demand for seniors and adults with special needs and make health and social services readily available to residents who call the community home.”
Financing came from several sources, including:
- $12.6 million in equity from the sale of 9 percent Low-Income Housing Tax Credits
- $2.4 million in conventional financing
- $1 million from the township’s affordable housing trust fund
- $500,000 in Camden County HOME funds
- $1.58 million in Federal Home Loan Bank Affordable Housing Program funds
- $1.25 million from the Jewish Federation
The Commons at Springdale Road will accommodate renters with special needs by creating four smaller cottages out of four one-bedroom units, Pennrose said, noting that the cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. The complex will offer supportive services and programming options to residents such as health and wellness, recreational and arts and culture programs.
The firm and the Jewish Federation hosted a groundbreaking ceremony on Tuesday that also featured speakers such as Glenn Fuhrman, president of the Jewish Federation of Southern New Jersey, along with Cherry Hill Mayor Chuck Cahn, state Sen. James Beach and others.
“The Jewish Federation believes in affordable housing for all and are committed to the independence and support of individuals in need,” said Jennifer Dubrow Weiss, CEO at Jewish Federation of Southern New Jersey. “We are so excited to offer this type of living for older adults and adults with special needs — it’s the first of its kind in our area — and will promote the relationships and strengths that each bring to our community.
“The Jewish Federation is so very appreciative of the support of Cherry Hill Township, Camden County, and the overwhelming positive response from our community.”