Project expands access to high-quality affordable rental housing in Burlington County, NJ

Pennrose, Mayor Quinton Law, and project partners today celebrated the grand opening of Residences at Harper, a 76-unit affordable family housing community in Moorestown, New Jersey. The development is 100% affordable, with all units available at 30% to 60% of the Area Median Income (AMI).

Speakers at the grand opening celebration included Noah Freiberg, Senior Developer, Pennrose; Quinton Law, Mayor, City of Moorestown; Terry Tucker, Chief of Staff, New Jersey Housing & Mortgage Finance Agency; Randy Brolo, Commissioner, Burlington County; Chris Tully, Managing Director, RBC Capital Markets; and Jacob Fisher, Regional Vice President, Pennrose.

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 energy-efficient building was designed to meet ENERGY STAR certification and Zero Energy Ready program requirements.

“We’re proud to help support Moorestown in achieving their affordable housing goals,” said Jacob Fisher, Regional Vice President, 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.”

Residents will enjoy access to a full suite of on-site community amenities, including an inviting community room, fitness center, outdoor playground, convenient laundry room, professionally landscaped grounds, and space for supportive services. The brand-new apartments feature modern kitchens with Energy Star appliances, luxury hard surface flooring, spacious closets, keyless entry, and central A/C. Pennrose Management Company (PMC) will serve as property manager.

“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,” said Mayor Quinton Law. “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.”

 “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, 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.”

“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,” said Terry Tucker, Chief of Staff, New Jersey Housing & Mortgage Finance Agency. “Due to these collaborative efforts and persistence on all parties, there are 76 new high-quality affordable homes for families in Moorestown.”

The community marks Moorestown’s first larger-scale Low-Income Housing Tax Credit (LIHTC) 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 creates inclusive housing opportunities in one of New Jersey’s top school districts,” added Marsha Blunt, President, Pennrose Management Company. “Our goal is to provide a high-quality living experience that gives residents the stability, resources, and support needed to build thriving, successful lives.”

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.

Headquartered in Philadelphia, Pennrose is active across the Northeast region and throughout the country. The company also recently broke ground on Hildebrand Commons, the transformation of a former public housing site, in New Brunswick, New Jersey.