Council Approves Financial Agreement For Affordable Housing Site

MOORESTOWN, NJ — In approving a proposed ordinance concerning affordable housing in Moorestown Monday night, officials made sure to point out that their approval simply covered the funding for the project. That didn’t stop the public from showing their disapproval for the project, and one council member voted against the proposal.

Moorestown Council approved the proposal to enter into a financial agreement with Moorestown Urban Renewal Associates (Pennrose) for the development of a 100 percent affordable housing complex on Route 38 with a 3-1 vote Monday night at town hall.

Councilwoman Lisa Petriello voted against the measure, recognizing all the controversy that has surrounded the site from the public. Deputy Mayor Manny Delgado was absent from Monday’s meeting.

“It’s going to be like this for every property that comes up,” Moorestown Mayor Stacey Jordan said. “There will always be a group of people opposed to the project. It won’t be this group next time, it might be a different group, and we all knew it would be this way ahead of time.”

The proposal calls for 76 rental units as part of the project proposed by Moorestown Urban Renewal Associates, LLC, 75 of which would be subject to affordable housing controls. The 76th unit would be for the building's superintendent.

The units are a mix of one-, two-, and three-bedroom rentals. They would be leased to tenants whose incomes meet low and moderate income standards set forth by the state. It is the first project proposed after Moorestown Council entered into an agreement to build 337 new affordable housing units by 2025. That agreement followed months of negotiations involving the Fair Share Housing Center concerning the township's affordable housing obligation.

Concerns among the public have been numerous, beginning with a summons residents received that the developer was suing individuals to have a restrictive covenant lifted on the homes. The developer wasn’t seeking financial compensation from residents.

They have also voiced concerns about pedestrian safety, possible contamination of Strawbridge Lake and access for school buses and firefighters. Resident and former councilman Greg Newcomer asked for council to table the resolution before it was voted on Monday night, so council could fully evaluate the project they were considering.

Planner Beth McManus emphasized that council was merely considering putting the funding in place to move the project forward. The proposal includes a 30-year PILOT (payment in lieu of taxes) for the developer, a necessary step to help the developer obtain low-income tax credits through a federal program established in 1986.

The program provides tax incentives written into the Internal Revenue Service (IRS) code to encourage developers to create affordable housing, according to the federal website for the program. Those credits are given to each state based on population, and each state distributes them based on need.

Residents also expressed concern that the financial agreement wasn’t posted on the township’s website. It still hadn’t been posted as of Wednesday morning, but Township Manager Tom Merchel said financial agreements aren’t typically posted on the township’s website. They can be obtained via Open Public Records Act (OPRA) request.

As for the proposal for the entire project, it remains under consideration by the Planning Board, which will meet on Thursday night, June 28, 7:30 p.m. in the main council chambers at town hall, 111 West Second Street. The board is still considering the preliminary site plan, and public comment is expected to be heard during the meeting.

See related:
100 Percent Affordable Housing Site Possible In Moorestown
Affordable Housing Proposal Goes Before Moorestown Planning Board

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