Nonprofit gets almost $1.3 million for two Paterson housing projects | Paterson Times Paterson Times

Nonprofit gets almost $1.3 million for two Paterson housing projects

By Jayed Rahman
Published: May 19, 2021

paterson-welcome

Governor Phil Murphy’s administration on Wednesday awarded $1,273,500 to the nonprofit New Jersey Community Development Corporation (NJCDC) for two Paterson low-income housing projects.

Funds from the Affordable Housing Trust Fund (AHTF), which is administered by the New Jersey Department of Community Affairs (DCA), will be used to further the nonprofit’s two projects on Wayne Avenue and Mill Street.

“These awards demonstrate my Administration’s continued commitment to affordable housing and to moving New Jersey’s economy forward,” said Murphy in a statement. “It is my pledge to secure quality, safe, and affordable housing options for as many families as possible.”

The state awarded $896,750 for the three-unit low-income apartment building proposed for 105 Mill Street. The project contains three two-bedroom apartments.

The state also awarded $376,750 for the proposed four-unit apartment building at 157 Wayne Avenue. The project contains two two-bedroom, a one-bedroom, and a studio apartment.

“We’re really happy to have secured the funds in order to take the vacant lots and turn them into much needed affordable housing for Paterson families,” said Bob Guarasci, chief executive officer for the New Jersey Community Development Corporation (NJCDC).

Both projects have received municipal approval.

Guarasci said construction on both projects will start simultaneously in July. He expects to have both completed within eight months after construction begins.

The two projects will cost $1.1 million each, said Guarasci. He said the price tag includes land acquisition; architectural design, engineering, and other planning costs; and construction expenses.

Guarasci said both projects are part of his organization’s strategy to take “nuisance lots” and “bring them back to life” to revitalize different blocks within the Great Falls neighborhood. His organization has been largely responsible for revitalizing much of the Spruce Street corridor near the Great Falls National Park.

The state also awarded $2,020,934 to the Parkside Business & Community In Partnership, Inc. for a 10-unit housing project in Camden.

“DCA is getting Affordable Housing Trust Fund monies out to nonprofit organizations across the state to develop housing projects throughout New Jersey that will help strengthen and energize neighborhoods,” said lieutenant governor Sheila Oliver, who also serves as DCA Commissioner. “We are particularly focused on utilizing the Trust Fund to create more affordable housing units for low-income households. As the COVID-19 pandemic has shown us, stable housing is critical to the overall health and well-being of people in our communities.”

All of the housing units funded by Affordable Housing Trust Fund dollars must be deed restricted for 20 years.

Email: [email protected]


Copyright © 2012-2022 Paterson Times all rights reserved.