The Burlington County commissioners continue to take action to support the creation of affordable housing across the county.
The commissioners recently voted to approve three separate loans totaling $1.3 million to developers to assist with financing affordable housing projects in Hainesport, Burlington Township and Moorestown.
Funding for the loans comes from the U.S. Department of Housing and Urban Development as part of the HOME Investment Partnership Program, which provides counties with block grants to assist with the development of affordable housing.
“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. “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 are approved for the following housing projects: Diocesan Housing Service Corporation was approved to receive a $250,000 loan to partially fund construction costs for part of a 72-unit project at 301 Davenport Avenue, known as Davenport Village; Community Investment Strategies Inc. was approved to receive a $550,000 loan to partially fund 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; Pennrose LLC will receive a $550,000 loan to partially fund construction costs for part of a 76-unit project at 307 Harper Drive in Moorestown, known as Harper Apartments.
All three loans will be for an initial term of 20 years and will carry zero interest.
“Affordability is one of Burlington County’s greatest assets, but we recognize there are many residents facing housing hardship and pressure due to rising rents and soaring home prices,” Hopson said. “This is unacceptable and can destabilize communities. That’s why our board is committed to assisting nonprofits find the financial resources needed to get shovels in the ground and much-needed affordable units built.”
