Pennrose, a leading affordable housing developer, is working to support veterans and their families through the creation of new housing with supportive services.
In October, the firm along with its partners celebrated the grand opening of One Thompson Avenue, which is providing affordable veterans and family housing, in Dover, New Jersey. The development, part of Dover’s downtown master redevelopment plan, has transformed an underutilized parking lot into 70 apartments and space for on-site supportive services.
The one-, two-, and three-bedroom units are available to households earning at or less than 60% of the area median income, with 50% of the units giving preference to veterans and five set aside for formerly homeless residents. Pennrose has partnered with Morris County Department of Human Services and Community Hope, a nonprofit dedicated to supporting veterans and their families, to help connect vets to the new housing opportunity.
The development is located near the New Jersey National Guard Armory and service provider Picatinny Arsenal. In addition, supportive services will be provided through Triple C Housing.
“The nation is facing an extreme shortage of affordable housing, and veterans are unfortunately one of the most vulnerable populations in this escalating crisis,” says Pennrose president Mark Dambly. “Creating high-quality, affordable housing tailored to the needs of veterans is an important way communities across the country can give back to the men and women who served our country.”
One Thompson Avenue features a wealth of community amenities, including a lounge, a fitness center, on-site parking, bicycle storage, a laundry facility on each floor, and an on-site management and maintenance suite.
Designed by architect Kitchen & Associates, the building complements the existing architecture of downtown Dover and is energy efficient to meet Enterprise Green Communities standards.
The $21.3 million development was financed through low-income housing tax credits allocated by the New Jersey Housing and Mortgage Finance Agency (NJHMFA), Morris County HOME funds, and permanent debt. Hudson Housing Capital is the syndicator of the housing tax credits, with Santander as the purchaser. Santander also provided the construction debt, and Grandbridge Capital is providing the permanent debt through a Freddie Mac transaction.
“We are honored to help facilitate the development of this state-of-the-art facility that will serve those who served our country, directly benefiting veterans by providing safe, stable, and affordable homes specifically designed to meet their day-to-day needs,” said NJHMFA executive director Melanie R. Walter. “NJHMFA is proud to have helped finance this development, which represents the state’s commitment to permanent supportive housing and will provide needed housing to help veterans build their post-service lives.”
In addition to One Thompson Avenue, Pennrose has been active in developing affordable housing options for veterans across the country. The firm is celebrating the grand opening of Truman Square, a 172-unit affordable housing community for veterans and families on the former U.S. Army Camp Kilmer base in Edison, New Jersey, on Nov. 12.
Developed in partnership with the Township of Edison, the one-, two-, and three-bedroom apartments are available at a variety of income tiers, with units designated for veterans and individuals with special needs. Triple C Housing also will provide one-site supportive services.
Over the summer, Pennrose held a grand opening for Bensalem Veterans Residences, a 40-unit affordable housing community for seniors and senior veterans 62 and older in Bensalem, Pennsylvania. Local service providers, including the Bucks County Department of Veteran Affairs, Bucks County Vet Center, and Salute 2 Service, are providing on-site supportive services.
“Bensalem Veterans Residences is a fine example of a public and private partnership supporting veterans,” says mayor Joseph DiGirolamo. “Bensalem Council and I are extremely proud to have been a part of another Bensalem first, giving back to the men and women who have sacrificed so much serving our country.”