DCA and HMFA Mark Grand Opening of Paterson Park Apartments
PATERSON, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined Paterson Mayor Jeffrey Jones, military veterans, and federal, county and city officials to celebrate the completion of Paterson Park Apartments, an affordable housing building located at the intersection of East 18th Street and Broadway in the City of Paterson. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided $3.3 million in construction and permanent financing through the Special Needs Housing Trust Fund for the project. The development also received funding through the DCA’s State Rental Assistance Program.
“Affordable housing is essential in New Jersey. It is particularly critical for the military veterans in our community,” said DCA Acting Commissioner Richard E Constable III. “Both at home and abroad, veterans have served our nation in order to protect our American way of life and our country’s core values of freedom and democracy. As a result of this project, more of these American heroes will have the opportunity to live in an affordable apartment they can be proud to call home.”
Paterson Park Apartments, a four-story elevator building, provides 18 affordable housing units for homeless and/or disabled households with a priority for military veterans. The project consists of 3 efficiencies, 3 one-bedroom units, 9 two-bedroom units and 3 three-bedroom units. The first floor and common areas are handicapped accessible and the remainder of the building – including all units – is handicapped adaptable. Each unit has its own kitchen (each efficiency has its own kitchenette), bathroom and Energy Star-rated appliances. Rental assistance for the units is being provided in the form of 18 vouchers through DCA’s State Rental Assistance Program for the term of 10 years. Additionally, Passaic County is providing eight rental assistance vouchers with a term of five years through its federally funded Shelter + Care program.
“The HMFA is pleased to provide the capital financing that enabled the development of this project, which presents permanent affordable housing opportunities for individuals and families in need,” said HMFA Executive Director Anthony L. Marchetta. “Paterson Park Apartments is a wonderful example of how federal, state, local and private enterprise can work together to build quality affordable supportive housing for those who need it most.”
The HMFA through its Special Needs Housing Trust Fund provided over $3.3 million in funding for this project. The Trust Fund is administered by the HMFA and provides capital financing to create permanent supportive housing and community residences for individuals with special needs, with priority given to individuals with mental illness. The purpose of the fund is to develop special needs housing and residential opportunities as alternatives to institutionalization or homelessness for those who would benefit from these programs and to ensure the long-term viability of such housing.
The State Rental Assistance Program provides rental assistance to elderly and disabled people who were either living in deplorable housing units or were severely cost-burdened, paying over 50 percent of their limited income on housing costs. It also helps formerly homeless households who were either living on the streets, in emergency shelters, or in transitional housing facilities.
Paterson Park Development, LLC developed the project. The Salvation Army will lead the effort in providing supportive services for building residents. Additional services for residents will include case management, linkages to mainstream resources, financial and budget assistance, peer support, education and employment training, psychiatric services, alcohol and drug counseling services, life skills training and linkages to health care and other treatment options.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.njhousing.gov. For more information on SRAP, please go to http://www.nj.gov/dca/divisions/dhcr/offices/srap.html on the DCA website.