HARRISON TOWNSHIP — Records show the New Jersey home where the president of Rowan University lives was made tax exempt after the university's foundation bought it for $925,000.

Harrison Township Administrator Mark Gravinese told NJ.com the university was granted exemption for about $26,000 in property taxes for Ali Houshmand's home in 2016. Records show the home ownership was transferred from the university to the foundation.

"I'd be negligent if I said it didn't have an impact," Gravinese said on the loss of tax revenue. "Every penny counts."

Still, Gravinese said Harrison Township is honored that the university chose to move Houshmand there. The town is expecting to benefit from upcoming developments around Rowan's athletic fields, including an Inspire Health Network hospital, he said.

The Glassboro university received a tax exemption for some of the time it owned a previous presidential mansion in Woodbury, agreeing to a payment in lieu of taxes with that township in 2007. It lost tax exempt status in 2012 and sold the property to the Diocese of Camden the following year.

There has not been a discussion on a similar payment in lieu of taxes for Harrison Township, Gravinese said. Joe Cardona, a spokesman for the school confirmed that plan to New Jersey 101.5.

"As a public university, we do not pay taxes on facilities," he said. "We are planning to make an annual contribution to the municipality as we do with other host communities."

The university moved Houshmand from a Glassboro residence after it deemed the home was insufficient for large gatherings. The property was sold for $305,000.

According to a listing for the house on Zillow.com the house is 5,721 square feet, has four bedrooms and four bathrooms, and has an estimated value of $935,243.

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