After almost four years of work and several modifications to the plans, officials in Hoboken have finally cleared the way for a new senior housing complex that will be the first fully affordable building constructed in decades.
During their September 24 meeting, Hoboken’s Zoning Board approved an application to revamp a large parking lot at 259 11th Street. Plans for affordable housing at the site have long been in the works, with Jersey Digs reporting on the proposal back in 2020.
“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.”
The approved plan is larger than what was previously envisioned at the site. After Lawrenceville-based Community Investment Strategies (CIS) was selected as the project’s developer in 2020, the initial plan of 25 affordable senior units could not be financed through the state’s Department of Community Affairs Affordable Housing Trust Fund Program.
The plan then evolved into the current 36-unit project to secure necessary funding and long-term affordability. Hoboken and CIS agreed to an amended development agreement last summer and then secured a 99-year land lease and a PILOT (Payment in Lieu of Taxes) agreement to seal the deal.
Designed by East Orange-based KNTM Architects, the six-story building will be comprised of 36 affordable units for seniors plus a ground floor activity room. The endeavor will mark a new beginning for the site, which was previously the location of a tenement building destroyed by a fire in the 1970s that claimed the lives of 11 residents.
Under the PILOT agreement, CIS will pay 1% of the building’s annual revenues to Hoboken and ensure that the city retains ownership of the land while maintaining the ability to renew deed restrictions.
“This project means so much to me given the history of the location,” said Vanessa Falco, Head of the Division of Housing in a statement. “As a former legislator and now Division Head for the City of Hoboken, I am extremely proud of the work that was accomplished. 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.”
Additional funding for the project was made possible by the Housing Mortgage and Finance Agency, the Hudson County HOME Program, Low Income Housing tax credits (LIHTC), and the City of Hoboken’s Affordable Housing Trust Fund. The city says construction on the project is anticipated to begin next year.
