Hoboken, N.J.,October 1, 2024– Community Investment Strategies Inc (CIS) has received unanimous approval from the Hoboken Zoning Board of Adjustment to develop 36 deed-restricted senior affordable housing units at 1033 Willow Ave in Hoboken. The approval, the result of a special meeting on September 24, will mark the City's first senior affordable housing building in over 30 years.
"The Willow" is a 55+ senior affordable community designed by East Orange-based Architects KNTM. It will consist of six stories and 36 units, including three studios, 28 one-bedroom units, and five two-bedroom units. Additionally, there will be a ground-floor activity room for seniors to enjoy social and recreational activities.
“We have worked closely with the Mayor and City Council to provide a project that will help keep seniors in the community. It took 4 years to structure a financial program which will utilize a variety of programs including participation from the State and County. We appreciate the support of all our government partners to make this project feasible.” said Christiana Foglio, CEO of CIS.
Funding for the project was made possible by The New Jersey Department of Community Affairs (DCA),$5.4 million dollars under their municipal sponsored production fund, a mortgage of $1.4 million from The Housing Mortgage and Finance Agency (HMFA) mortgage, over $7.7 million from the Low-Income Housing Tax Credits (LIHTC), an award or$ 2 million from The Hudson County HOME Program and $500,000 from the City of Hoboken's Affordable Housing Trust Fund.
The location for the senior affordable building was previously a building destroyed by a fire in the 1970s. The property later became a city-owned parking lot.
Hoboken is meeting its affordable housing obligation, and this project is being built as a component of the Fair Share Settlement.
Construction on 'The Willow' is anticipated to begin in 2025.
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