The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has approved $18.6 million in financing for the proposed 75-unit senior housing complex that’s part of the Hinchliffe Stadium restoration project, governor Phil Murphy’s administration announced on Thursday.
NJHMFA will provide $18.6 million for construction and permanent financing. Funding also includes a 4-percent Low Income Housing Tax Credits that will generate $11.4 million in private equity.
The total cost for the housing complex is $29.1 million.
Developers RPM Development Group and BAW Development will construct a six-story mixed-use building on Jasper Street made up of 75 studios, one-bedroom, and two-bedroom apartments for people age 55 and up with income up to 60-percent of area median income. First floor of the building will have a childcare facility and a parking garage.
“This development is a vital part of the overall rejuvenation of the Hinchliffe Stadium neighborhood which will restore its role in the community. It represents the strong commitment of Paterson and its residents, along with the state, to preserve its history and transform it for the future,” said Charles A. Richman, executive director for NJHMFA. “At the same time, this project will provide for critical affordable housing for seniors on limited incomes to remain in the community in stable homes. As a mixed-use building, it will also provide childcare for residents and create an economic boost for the area.”
Richman’s agency approved a declaration of intent to fund the housing component of the Hinchliffe Stadium Neighborhood Restoration Project. Funding includes 4-percent Low Income Housing Tax Credits which will generate $11.4 million in private equity and $18.6 in construction and permeant financing from the NJHMFA.
“The Hinchliffe Stadium project is one that both revitalizes an important derelict public asset with a tremendous history and adds value to the community with high-quality housing and early childhood educational resources,” mayor Andre Sayegh said. “We are extremely grateful for the support and investment from NJHMFA in this project that will serve Patersonians for generations to come.”
Construction on the housing portion of the $76.7 million project to restore the historic Hinchliffe Stadium is expected to begin in September and finish in March 2022. An application for the tax credit funding of the repairs at the 7,800-seat stadium is under consideration at the New Jersey Economic Development Authority (EDA).
Last month, the Hinchliffe Stadium restoration project received $1 million in state urban parks grant.