Federal Funding Set Aside For Moorestown Housing Project

MOORESTOWN, NJ — Harper Apartments in Moorestown will share in more than $23.1 million in annual 9 percent federal Low Income Housing Tax Credits (LIHTC) that was allocated by The Murphy Administration on Wednesday, state officials announced. Pennrose will develop 76 apartment units on the property as part of a fair share housing development.

The credits will be used to build more than 1,500 new affordable apartments for families, seniors and residents with special needs, and are expected to generate about $231.4 million in private investment that will finance the construction of 20 developments across 11 of the state’s counties, producing a total of $450 million in new development.

The New Jersey Housing and Mortgage Finance Agency received an unprecedented number of applications for proposed affordable housing developments in suburban municipalities, according to officials. The highly competitive tax credit funding process supports the construction of the most impactful, diverse and inclusive housing proposals.

The LIHTC program was established by the Tax Reform Act of 1986. Under the Murphy Administration and with this year’s allocation, NJHMFA has awarded 9 percent tax credits toward the development of more than 5,200 affordable apartments, including more than 2,000 affordable senior and supportive housing units, in communities across the state.

“As the past two years have demonstrated, safe, stable housing is absolutely imperative to ensure the long-term health and economic stability of our families,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs and NJHMFA board chair. “Governor Murphy and I remain committed to the equitable development of affordable housing across the state. I am proud that the allocations this year will expand on the State’s historic FY2022 budget investment and produce more housing for all New Jersey residents.”

“New Jersey’s tax credit allocation plan uses objective criteria and targeted policy objectives to optimize our housing production capacity. This year's awards will boost housing in areas of high opportunity to incentivize economic opportunity for families and support older residents seeking to age in place,” NJHMFA Executive Director Melanie R. Walter said. “These awards represent a significant federal, state, community, and private investment in ensuring all New Jersey families can access sound jobs, good schools, and supportive services.”

For more information on NJHMFA programs, visit www.njhousing.gov.