Pennrose, a Philadelphia-based developer and manager of mixed-income and mixed-use housing, was joined by Mayor Quinton Law and project partners for the opening of Residences at Harper, a 76-unit affordable family housing community in Moorestown. The development is 100% affordable, with all units available at 30% to 60% of the area median income.
Located at the intersection of East Gate and Harper drives, the four-story building includes a mix of one-, two-, and three-bedroom apartments. Five units will be set aside for formerly homeless individuals and families, four units will be accessible to residents with physical disabilities, and two units will be outfitted for residents with hearing and vision impairments. The building was designed to meet ENERGY STAR certification and Zero Energy Ready program requirements.
“While the affordable housing crisis can feel insurmountable, today’s milestone reminds us that real change happens one community at a time,” said Jacob Fisher, regional vice president, Pennrose. “More than 70 families will now have access to high-quality affordable housing, community amenities, and robust supportive services.”
Among the on-site community amenities are a community room, fitness center, outdoor playground, laundry room, and space for supportive services. The apartments feature kitchens with Energy Star appliances, hard surface flooring, keyless entry, and central A/C. Pennrose Management Co. will serve as property manager.
“The residences at Harper Drive are a huge step forward in our commitment to accessible and affordable housing,” said Mayor Law. “It’s critical that working families have the opportunity to live in the very community they help make stronger every day.”
The community marks Moorestown’s first larger-scale Low-Income Housing Tax Credit community for family occupancy and was developed in response to an expressed community need for more affordable rental options. Statewide, the National Low-Income Housing Coalition reports that New Jersey is facing a shortage of more than 200,000 affordable homes.
Residences at Harper is funded with various state and local proceeds, including equity generated from 9% Low-Income Housing Tax Credits. This project is also receiving support from the New Jersey Housing & Mortgage Finance Agency’s Affordable Housing Production Fund, Burlington County’s HOME Program, and Moorestown Township. RBC Capital Markets is providing the tax credit equity and Citizens Bank is providing the construction loan.
