Burlington County Approves $1.3M Affordable Housing Loans

BURLINGTON, NJ - Burlington County officials voted on a combined $1.3 million in loans last week to bolster affordable housing project financing in Moorestown, Hainesport and Burlington Township.

The loan funding stems from the U.S. Department of Housing and Urban Development as part of the HOME Investment Partnership Program, which offers assistance to countries that already have block grants.

“We’ve heard from residents searching for more affordable housing opportunities and these projects will help meet that demand,” said Burlington County Commissioner Felicia Hopson, the liaison to the Department of Human Services, in a statement. “By providing this financing , we’re helping to ensure young adults, working families and senior citizens can continue to live safely and securely in Burlington County and benefit from our stellar schools, job opportunities and overall quality of life.”

The loans will go to the following projects:

Moorestown: Developer Pennrose LLC will get a $550,000 loan for construction costs for part of a 76-unit project at 307 Harper Drive in Moorestown (known as Harper Apartments).

Hainesport: Developer Diocesan Housing Service Corporation is set to receive a $250,000 loan for construction costs for part of a 72-unit project at 301 Davenport Avenue (known as Davenport Village).

Burlington Township: Developer Community Investment Strategies Inc. will receive a $550,000 loan for construction costs for part of an 84-unit project at John F. Kennedy Way and Salem Road in Burlington Township (known as The Place at Burlington).