A development inside one of Paterson’s most prominent historic districts will be undergoing a major rehabilitation effort that will restore unused residences and strengthen the city’s affordable housing stock.
WinnCompanies and co-developers Daryll Tyson and Owen Tonkins announced the acquisition of a 68-unit affordable housing community dubbed Hamilton Square. The 26-year-old mill-style property is situated at 20-21 Mill Street and consists of two low-rise buildings that includes a portion of the 165-year-old historic Hamilton Mill.
The developers will now be kicking off a $7.5 million rehabilitation effort to substantially improve apartments and common spaces. The year-long effort will address deferred maintenance concerns including building code issues and failing HVAC systems while renovating the entire stock of apartments, including 24 currently uninhabitable units.
The overhaul was designed by MGNY Architects and other components of the project include adding ADA accessibility, upgrading elevators, new security features, added landscaping, and new lighting and fencing. The renovation will also create new nonprofit and community meeting spaces for residents and local service providers.
As part of the acquisition, all apartments will be preserved for households earning no more than 50 or 60 percent of Area Median Income (AMI). Seven apartments will have a lease preference for formerly homeless and at-risk veterans and their families.
“We’re pleased to have the opportunity to return this important affordable housing to the quality standards that residents expect and deserve,” said WinnDevelopment Senior Vice President David Ginsberg. “Thanks to the support from our public and private sector partners, this community will remain affordable for the long term with a significantly improved quality of life for current and future residents.”
The renovation will create rent-free offices for two non-profit organizations that will deliver services and programming to meet resident needs. The spaces will be given to Yo Soy Asi, a Paterson nonprofit serving disabled children and their families, and Soldier On, a national nonprofit providing case management services to veterans and their families.
“After so many years without our own office space, we will now have a beautiful place in the heart of Paterson to call home, where the people we serve, children with disabilities and their families, can come to find bilingual resources,” said Guerlina De La Hoz, co-founder and CEO of Yo Soy Así.” We can’t be happier.”
Key financing for the acquisition and rehabilitation is coming from a Federal Housing Authority loan through the U.S. Department of Housing and Urban Development, short-term construction bonds, and 4% Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
A historic tax credit equity from Boston Financial and Economic Redevelopment and Growth credits awarded by the New Jersey Economic Development Authority are also being utilized, as are HOME American Rescue Plan funds from the City of Paterson.
The Hamilton Square property is located across the street from Mill Street Square, a recently completed WinnDevelopment project that opened in October and features 74 units of affordable housing. Both properties fall within Paterson’s Great Falls Historic District.
