Mayor Ravi S. Bhalla and the City of Hoboken today announced that the proposal to develop 36 units of deed-restricted senior affordable housing at 1033 Willow Ave. has received unanimous approval from the Hoboken Zoning Board of Adjustment at its Sept. 24 special meeting. This key milestone allows the City to move forward with the first 100 percent senior affordable housing building in over 30 years.
The six-story building will be comprised of 36 affordable units for seniors, with a ground floor activity room. Funding for the project was made possible by the New Jersey Department of Community Affairs (DCA) Affordable Housing Production Fund, the Housing Mortgage and Finance Agency (HMFA) mortgage, the Hudson County HOME Program, Low Income Housing tax credits (LIHTC), and the City of Hoboken’s Affordable Housing Trust Fund.
“I’m extremely proud that we are moving forward with the City’s first 100% affordable housing complex for seniors in over 30 years,” said Mayor Bhalla. “This new development will help prevent dozens of our valued seniors, the backbone of our City, from being priced out of Hoboken and ensuring they can continue to afford to live in our great city. It’s one meaningful project of many we are taking to create more affordable housing in our Mile Square, and continues to be a major priority for my administration. Thank you to CIS, the City’s Department of Community Development, City Council, the Zoning Board of Adjustment, and our many project partners for ensuring this project’s success.”
“Many seniors living on fixed incomes worry they can’t afford to continue living in our City. For more than 30 years, the City’s land at 11th and Willow has been an uninspired surface lot. With last night’s unanimous Zoning Board approval, this vitally important project is poised to become a 100 percent affordable housing development, consisting of 36 beautiful apartments for our seniors” said Councilman Phil Cohen, who chairs the City’s Community Development North Subcommittee which has worked on this project for the last four years, and who represents the 5th Ward where the project is located. “I can’t wait to see the transformation of this surface parking lot into brand new affordable housing, complete with programming dedicated exclusively for our seniors, at 11th and Willow.”
“This project means so much to me given the history of the location,” said Vanessa Falco, Head of the Division of Housing. “As a former legislator and now Division Head for the City of Hoboken, I am extremely proud of the work that was accomplished. My decisions were and will always be grounded in the betterment and advancement of people who are an important part of our Hoboken Community. I am especially thankful to Mayor Bhalla, his administration, City Council, and the Community Development team who did not give up when met with multiple challenges. I look forward to what’s next in creating and sustaining a more equitable community.”
The location for the senior affordable housing was previously the location of a tenement building destroyed by a fire in September 1973, which claimed the lives of 11 residents. The property later became City-owned, and the administration and the Department of Community Development have worked to create affordable senior housing at the site through a partnership with the developer, Community Investment Strategies, over the last four years.
Following a Request for Proposals in August 2020, CIS was selected as the project’s developer. The initial plan of 25 affordable senior units could not be financed through DCA’s Affordable Housing Trust Fund Program and evolved into a 36-unit project to secure necessary funding and long-term affordability. After extensive discussions with the City Council subcommittee and community feedback, the City and CIS agreed to an amended Development Agreement in June 2023, which was followed by a 99-year land lease and a PILOT (Payment in Lieu of Taxes) agreement. Under the PILOT agreement, CIS will pay 1 percent of annual project revenues to the City in lieu of taxes. The arrangement ensures that the City retains ownership of the land while maintaining the ability to renew deed restrictions, preserving its commitment to affordable housing.
Construction on the project is anticipated to begin in 2025.
