Plans for Heritage Village at Moorestown call for a mix of one- and two-bedroom units for renters 55 and older on Centerton Road in Moorestown. — Rendering courtesy: Community Investment Strategies Inc.
By Joshua Burd
Community Investment Strategies Inc. has secured nearly $9 million in state funding for a new 82-unit, age-restricted affordable housing development in Moorestown.
The firm on Thursday said the funds, which were approved at the New Jersey Housing and Mortgage Finance Agency’s board meeting, will support what’s known as Heritage Village at Moorestown on Centerton Road. Plans for the development call for a mix of one- and two-bedroom units for renters 55 and older, with support services provided by Statewide Care LLC and healthy lifestyles and education programming offered by the community.
Construction is slated to begin next spring with completion expected for fall 2025, CIS said, noting that HMFA will provide the funds under its Affordable Housing Production Fund. The project will develop land that the township of Moorestown purchased as a part of its Fair Share Housing settlement agreement and for its access to transportation and retail.
One-bedroom units will average 749 square feet with proposed monthly rents ranging from $362 to $1,146, while two-bedroom homes will average 1037 square feet with rents ranging from $436 to $1,377, depending on the target population’s income range. Meantime, CIS will include Energy Star-rated appliances to help keep tenant utility costs low, with other features set to include on-site management, a community center and common areas including a club room, a fitness center, a computer lab, mail and laundry rooms and a lounge.
There will also be 156 parking spaces, CIS said.
