Community Investment Strategies Inc has received unanimous approval from the Hoboken Zoning Board of Adjustment to develop ‘The Willow – 36 deed-restricted senior affordable housing units in Hoboken, the city’s first senior affordable housing building in more than 30 years.
The Willow, a 55+ senior affordable community, will be 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 social and recreational activities.
CIS CEO Christiana Foglio obviously was thrilled.
“We have worked closely with the Mayor and City Council to provide a project that will help keep seniors in the community,” she said. “It took four 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.”
Funding for the project was made possible from funding from a number of sources, including:
- $5.4 million from the Department of Community Affairs municipal sponsored production fund,;
- $1.4 million mortgage from The Housing Mortgage and Finance Agency;
- $7.7 million from the Low-Income Housing Tax Credits (LIHTC);
- $2 million from The Hudson County HOME Program;
- $500,000 from the City of Hoboken’s Affordable Housing Trust Fund.
The location for the senior affordable building, 1033 Willow Ave., was previously a building destroyed by a fire in the 1970s. The property later became a city-owned parking lot.
