The project is being joint ventured by the Philadelphia-basedPennrose Properties and the Hunterdon County Housing Corp. The sitehad been eyed for such a project for more than a decade and beganto take shape when the county agreed to sell it to the HCHC fiveyears ago. HCHC subsequently signed a developer's agreement andground lease with Pennrose.

"There has been a desperate need for this type of housing inthis county," says state Sen. Leonard Lance (R-Flemington), theminority leader of the New Jersey State Senate. "This is anadmirable project because it is accessible to Main Street andpublic transportation. It is the type of project we should allencourage."

Financing for the project is coming from a variety of sources,including the New Jersey Mortgage and Housing Finance Agency, thestate's Department of Community Affairs, the Federal Home Loan Bankof New York and Peapack Gladstone Bank.