Tax Credits More Likely For Housing Complex After Moorestown Vote

MOORESTOWN, NJ — Moorestown Council on Thursday took a step to help the Walters Group qualify for tax credits related to a housing development on Borton Landing Road.

Moorestown Council approved a resolution to execute a first amendment to the development and transfer agreement with Moorestown Family Apartments, LLC, for the proposed development on Borton Landing Road during a special meeting Thursday.

Specifics about the amendment weren’t immediately available, but Township Manager Kevin Aberant said the amendment makes the Walters Group more competitive when applying for federal tax credits for its mixed-use housing development.

The Walters Group has until noon on Aug. 31 to apply for the credits on its proposed housing complex, which is a mix of 76 market rate units and 76 low- to moderate-income units.

The credits account for millions of dollars toward construction of the complex, Aberant said. It’s a competitive process, as Aberant said he expects the state to grant tax credits for just one mixed-use project this year. Only one was awarded last year, as well.

It was the most recent step the township took to help the Walters Group qualify for tax credits toward this development.

Township Council recently granted a tax abatement and approved a transportation system for the area, so the developer could qualify for federal tax credits for the development. Read more here: Tax Exemption Approved For Moorestown Affordable Housing Project

The project was the subject of a recent land swap between the township and Lockheed Martin after the defense company and the U.S. Navy expressed national security concerns over a proposed affordable housing complex in the area. Read more here: Moorestown Moving Forward With Proposed Lockheed Martin Land Swap

Pennrose is also applying for tax credits for their 100 percent affordable housing development, Aberrant said. The credits Pennrose is applying for fall under the “family suburban” category, and 11 have been awarded in the last two years in New Jersey. In 2019, five were awarded. Last year, there were six.