The amount that was spent to purchase Pennytown was $7 million. The development of our required 653 units of affordable housing with the concomitant infrastructure required, including connecting to ELSA, would cost $150-200 million. If Hopewell Township chose to develop the Affordable Housing on its own, each Township household would be on the hook for over $30,000 in added taxes.
Pennytown is currently for sale, and we expect to recoup monies that can be put towards reducing the Township’s debt. Please keep in mind that both the purchase of Pennytown and the decision to remove it from consideration for affordable housing development were bipartisan decisions made over nearly 10 years (2008 to 2016) and multiple Township Committees.
Click HERE for a complete list of Township Committee decisions.