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Pennrose Accepts Two AHF Readers’ Choice Awards

December 2, 2015

Representatives from Pennrose Properties, LLC accepted two AHF Readers’ Choice Awards for two of the company’s recent developments at Affordable Housing Finance’s AHF Live event in Chicago. Woodrow Wilson Commons in Long Branch, NJ, developed in partnership with Maestro Community Development Corp., was named Overall Winner. Rush Crossing in Trenton, NJ, developed with the Trenton Housing Authority, was honored as Best Public Housing Redevelopment winner.

“These awards are a true testament to the team work and collaboration that make our developments successful,” said Timothy I. Henkel, senior vice president of Pennrose Properties. “The development partners that we worked with on both projects, the development and management staff who dedicated themselves to their success, and the industry partners who helped us deliver an exceptional product to our residents should all take great pride in this recognition.”

Affordable Housing Finance received 112 nominations for developments in nine categories. From these 34 finalists were selected. AHF magazine and newsletter subscribers then voted for the winners in each category.

Woodrow Wilson Commons is an affordable 173-unit master-planned, mixed-income community built on the site of the outmoded, dilapidated Woodrow Wilson Homes public housing complex, a 1950’s-era public housing development consisting of brick 2-story barracks-style buildings. Built within fifty-one 51 buildings using a combination of townhouses, flats, and duplexes over flats, and designed to incorporate architectural aspects of the historic Long Branch neighborhood, Woodrow Wilson Homes includes a variety of modern amenities and has been LEED Gold and Energy Star 3.0 certified. The project has a 2,000 square foot community building and management office and was developed in three phases from 2013-2014. The last phase is the first development in the state to be completed and open that utilized a 9% Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds (CDBG-DR) given to the state as part of the Hurricane Sandy relief effort. It is also the first to open with residents who were directly impacted by Superstorm Sandy.

Rush Crossing is a $61.2 million affordable housing lifestyle community. The Energy Star and LEED-certified community consists of 204 apartments and townhomes in 13, three-story buildings. Rush Crossing is the largest community revitalization, affordable apartment development in downtown Trenton, New Jersey in the last 25 years. The initiative between the Trenton Housing Authority and Pennrose Properties replaced a large, vacant, crime infested, high-rise public housing development with a vibrant, brand new, amenity rich townhouse community of mixed-income rental homes for families.