MOORESTOWN, N.J. — Pennrose has opened Residences at Harper, a 76-unit affordable housing property in Moorestown, 14 miles east of Philadelphia. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. 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. Amenities include a community room, a fitness center, a playground, laundry room and space for supportive services.
Residences at Harper was funded with various state and local proceeds, including equity generated from 9 percent Low-Income Housing Tax Credits. The project also received 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 provided the construction loan. Pennrose broke ground on the project in April 2024.