Pennrose Breaks Ground on Affordable Senior Housing for Veterans in Woodbridge

• Pennrose has started construction on Petersen Commons, a 60-unit affordable housing project for senior veterans in Woodbridge Township, New Jersey.
• The development will serve veterans aged 55 and older with apartments reserved for households earning between 30 and 60 percent of the area median income.
• The project is backed by state housing financing programs and is expected to be completed next spring.

What Petersen Commons Will Bring to Woodbridge

Construction is officially underway on Petersen Commons, a new affordable housing development at 1440 Rahway Avenue in the Avenel section of Woodbridge Township, New Jersey. Developed by Pennrose and designed by Thriven Design, the three-story residential building will provide 60 affordable apartments for senior veterans aged 55 and older. The project is located directly south of the existing Greens at Avenel affordable housing complex. It will include a mix of one-bedroom and two-bedroom units along with a superintendent’s apartment.

Petersen Commons is named after Carl Petersen, a former Avenel resident and Medal of Honor recipient who served during the Boxer Rebellion and World War I. Renderings show a contemporary residential design featuring red brick, gray and blue siding, light paneling, and a flat roofline with decorative cornices.

What Affordable Housing Features Are Included

The apartments will be available to residents earning 30, 50, and 60 percent of the area median income, helping address the growing need for affordable senior housing across New Jersey. The development also includes multiple accessibility features. Three apartments will be reserved for residents with physical disabilities, while two additional units are specifically designed for residents with hearing and visual impairments.

All residences will be fully adaptable and Energy Star certified, with the project pursuing Zero Energy Ready Home certification as developers continue incorporating sustainability goals into affordable housing construction. Amenities will include a community gathering room, support services, shared laundry facilities, on-site management, and outdoor parking shared with the neighboring Greens at Avenel complex.

What the Project Signals for Affordable Housing Development

Petersen Commons reflects the continued reliance on public-private financing partnerships to deliver affordable housing projects throughout the Northeast. Funding for the project includes 4 percent Low-Income Housing Tax Credits, Affordable Housing Production Funds from the New Jersey Housing and Mortgage Finance Agency, and ASPIRE credits from the New Jersey Economic Development Authority.

The financing package also includes approximately $18.4 million in affordable housing subsidies and tax credit support alongside $16.2 million in construction and permanent loans. Affordable senior housing developments targeting veterans have become a growing focus for both nonprofit and private developers as housing affordability pressures continue rising among older residents on fixed incomes. For Pennrose, the project adds to the company’s expanding portfolio of affordable and workforce housing communities across the country.