Veterans will be preferred renters at a 60-unit affordable senior housing apartment complex scheduled for completion next spring in Woodbridge Township.
Gov. Mikie Sherrill, government leaders, and representatives of Pennrose – a 55-year-old affordable housing developer – recently broke ground for Petersen Commons at 1440 Rahway Avenue in the Avenel section of Woodbridge.
The apartment complex for tenants 55 and older is named for Medal of Honor recipient Carl Petersen, who was an Avenel resident. A sailor, Petersen was honored for his service in the Boxer Rebellion of 1900 in China.
“This development reflects our core beliefs at Pennrose – the power of strong public-private partnerships, the importance of serving those who have given so much to our country and the difference that high-quality, affordable housing can make in people’s lives,” Pennrose CEO Timothy I. Henkel said in a statement.
The three-story building will have a mix of one- and two-bedroom apartments.
In 2019, Pennrose and Woodbridge developed Greens at Avenel, a 101-unit affordable housing complex.
Since its founding, Pennrose has completed more than 350 developments and 27,000 rental housing units, and has overseen $5 billion in total development costs, according to its website.
Gov. Sherrill said of Petersen Commons: “By delivering this housing, we are one step closer to effectively ending veteran homelessness this year.”
Financing for Petersen Commons came from 4% Low-Income Housing Tax Credits (LIHTC), Affordable Housing Production Funds from the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and ASPIRE credits from the New Jersey Economic Development Authority, according to Pennrose. It was underwritten with $18.4 million in a LIHTC and Affordable Housing subsidy and $16.2 million in construction and permanent loans, Pennrose reported.
