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Pennrose Celebrates Groundbreaking of Residences at Harper

Apr 23, 2024


Residences at Harper Groundbreaking

Development will bring 76 mixed-income homes to Moorestown, NJ as part of the town’s commitment to providing more affordable housing


Pennrose, Mayor Nicole Gillespie, and project partners today celebrated the groundbreaking of the Residences at Harper, a brand new, 76-unit affordable housing community at the intersection of East Gate Drive and Harper Drive in Moorestown, New Jersey. The development team plans to begin welcoming residents into their new homes in Spring 2025.

Speakers at the groundbreaking celebration included Noah Freiberg, Senior Developer, Pennrose; Melanie Walter, Executive Director, New Jersey Housing and Mortgage Finance Agency; Jennifer L. Hiros, Division Head, Burlington County Community Development and Housing; Mayor Nicole Gillespie, Mayor, Township of Moorestown.

The Residences at Harper will deliver 100% affordable housing to Burlington County, with all units available to families at 30% to 60% of the Area Median Income (AMI), about $24,090 to $48,180 for a one-person household. The single, four-story building will include a mix of one-, two-, and three-bedroom apartments. Five units will also be set aside for formerly homeless individuals and families. In addition, four of the units will be accessible to residents with physical disabilities and two will be outfitted for residents with hearing and vision impairments.

“We are honored to work with Mayor Gillespie, the Town, and the local community to bring high-quality, affordable housing to Moorestown, an area with very limited rental stock for families,” said Jacob Fisher, regional vice president at Pennrose. “Not only will the Residences at Harper deliver quality, accessible housing, but residents will also have access to robust on-site amenities and supportive services to ensure the highest quality living experience.”

“This groundbreaking marks an important step forward in ensuring all Moorestown residents have access to safe, quality, affordable housing. This new development will provide much-needed homes for working families who form the backbone of our community and demonstrates Moorestown's commitment to being a welcoming, inclusive place to live for people of all means and backgrounds,” said Mayor Nicole Gillespie.

“We’ve heard from residents about the need for more affordable housing opportunities and projects like the Residences at Harper will help meet that need,” said Burlington County Commissioner Director Felicia Hopson. “This is why the HOME Investment Partnership Program exists. By supporting quality affordable housing, we’re helping to ensure young adults, working families, and senior citizens can live safely and securely in Burlington County and benefit from our outstanding communities, schools, job opportunities, and quality of life.”

"Today marks a significant milestone for Moorestown as we break ground on 76 new affordable homes," said NJHMFA Executive Director Melanie Walter. “NJHMFA is proud to have provided more than $10 million in tax credit equity and $3.5 million from the Affordable Housing Production Fund to ensure this project is completed despite challenging market conditions. These apartments will provide resident families with access to excellent amenities and an opportunity to thrive in this beautiful community.”

The modern apartments will feature Energy Star appliances, in-unit laundry, ceramic tile bathroom, central AC/heating, cable and internet access, and window treatments. Residents will also enjoy access to on-site community amenities, including parking, outdoor playground and recreation area, community room, and space for the delivery of supportive services. Once complete, Residences at Harper will be managed by Pennrose Management Company (PMC).

“Pennrose’s mission goes beyond the development of housing – our goal is transform lives, neighborhoods, and communities,” added Marsha Blunt, president at Pennrose Management Company. “We look forward to working with the local community and neighborhood stakeholders to identify the supportive services, programming, and resources we can offer on-site to make a meaningful impact in the lives of residents.”  

The energy-efficient community will be designed to meet ENERGY STAR certification and Zero Energy Ready program requirements.

The project is being developed in response to Moorestown Township’s need for more affordable rental options for individuals and families. Once complete, Residences at Harper will be the first larger-scale Low-Income Housing Tax Credit (LIHTC) community for family occupancy in the town. In addition, more than 82% of housing units in the township are owner-occupied, demonstrating a need for quality, affordable, rental housing. Statewide, the National Low Income Housing Coalition estimates that New Jersey is facing a shortage of more than 200,000 affordable rental homes.

The $28 million project 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 Township of Moorestown, Burlington County, through their HOME program, and the New Jersey Housing & Mortgage Finance Agency’s Affordable Housing Production Fund. RBC Capital Markets is providing the tax credit equity and Citizens Bank is providing the construction loan.

With its primary headquarters in Philadelphia, Pennrose has an established track record developing quality, affordable housing throughout New Jersey and the Northeast region. Pennrose also recently completed Village at Harmony Garden, a 100% affordable 55+ senior community in Gloucester County.