An affordable housing complex that was built over half a century ago by one of New Jersey’s most prominent African-American female developers has started a major overhaul that will preserve the property without displacing current residents.
WinnDevelopment, ART-JIUS Enterprises, and a non-profit affiliate of Paterson’s Second Baptist Church have announced the beginning of a renovation at an 88-unit affordable housing community in Paterson. Situated at 40 Carroll Street, the Carroll Street houses were first built by Vera McCants and the Paterson non-profit Inner City Christian Action for Housing.
The $26 million renovation is planned to occur over 18 months as residents remain in place and will modernize all apartments and common areas, replace roofs, windows, siding, and doors on all 10 buildings, increase ADA accessibility, and improve energy sustainability and security.
“This is a wonderful opportunity to partner with the state and community leaders to revitalize and protect an important affordable housing property that has served Paterson for almost a half century,” said WinnDevelopment Senior Vice President David Ginsberg. “Darryl Tyson and Owen Tonkins, the leaders of ART-JIUS, are on a mission to strengthen Paterson one project at time, and we look forward to standing with them to celebrate the completion of work next year.”
With the community’s federal deed restriction expiring within a few years, the use of the Low Income Housing Tax Credit program for the acquisition means Carroll Street Houses will remain 100% affordable for the next 30 years. The apartments are available for households with earnings at or below 80 percent of Area Median Income (AMI).
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is providing Low Income Housing Tax Credits, as well as long-term financing, while the New Jersey Economic Development Authority (NJEDA) is delivering tax credits through its Aspire program. Citi Community Capital is providing Aspire state tax credit equity, a bridge loan, and a construction loan for the work.
The project is also supported by a Project Based Rental Assistance contract with U.S. Department of Housing & Urban Development (HUD) and a rental assistance agreement with the New Jersey Department of Community Affairs (NJDCA), while the City of Paterson provided a Garden State Growth Zone tax arrangement to support the development.
“The Carroll Street housing redevelopment project represents a meaningful investment in the people of Paterson,” said Paterson City Council President Sr. Lilisa Mimms. “This project will preserve and modernize affordable housing, improve quality of life for residents, and strengthen the surrounding neighborhood.”
In addition to installing new kitchens, bathrooms, high-performance doors and windows, siding, and roofs, the renovations will revitalize and reopen two resident amenities – a community center and a laundry room. The community center will include a computer lab and will provide activity, event, and meeting space for residents and a non-profit affiliate of the Second Baptist Church.
OA Peterson Construction of Montclair is the general contractor on the project, while MG New York Architects of New York City drew up the design for the renovation.
