DCA & HMFA Celebrate Grand Opening of Eva's Village in Paterson
Agencies Provide Over $11 Million in Financing for 50-Unit Supportive Housing Community
“Eva’s Village Apartments will go a long way in addressing the need for affordable housing in the City of Paterson and provides our special needs community with a place to call home,” said DCA Commissioner Lori Grifa, who is Chair of the HMFA. “The completion of this affordable housing complex brings the mission of Eva’s Village full circle and provides 50 deserving families with a home they can be proud of.”
Eva’s Village Apartments provides 50 units of affordable housing of which 23 units are set aside for homeless individuals who are leaving emergency shelters, transitional housing, and addiction recovery programs. Another three units are reserved for individuals living with HIV/AIDS. Office space on-site will be used for case management and social services for building residents. Each unit includes a full bathroom and at least a kitchenette. The building is equipped with an elevator and laundry facilities, as well as security features.
“Eva’s Village Apartments is not only an important addition to Paterson, but serves the important objective of helping our neediest citizens live with dignity and respect,” said HMFA Executive Director Anthony L. Marchetta. “We at the HMFA are delighted that our Special Needs Housing Trust Fund was able to provide substantial funding for construction and permanent financing for Eva’s Village.”
The project was co-developed by Eva’s Village Inc., a Paterson-based social service organization that provides food, shelter and medical assistance to people in need, and the Alpert Group, LLC, a Fort Lee-based real estate development and management company with extensive experience in multifamily projects.
The HMFA, an affiliate of the DCA, provided $4 million in financing from the Special Needs Housing Trust Fund and awarded federal Low Income Housing Tax Credits (LIHTC), which generated about $6.7 million in private equity. Additionally, the DCA provided $960,000 in funding from the Balanced Housing/Home Express program.
The Special Needs Housing Trust Fund is administered by the HMFA and provides capital financing to create permanent supportive housing and community residences for individuals with special needs. The HMFA is also the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax Credits are a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market.
The DCA administers the Balanced Housing Program, which provides municipalities and for-profit and non-profit developers with financial assistance needed to spur the development of affordable housing across the state. Balanced Housing is funded by a portion of the New Jersey Realty Transfer Tax, which is collected on the sale of every non-exempt property within the State.
For more information on all HMFA programs, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.