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The $9.6 million project will allow renovations at three senior living buildings in the city.
Financing was provided through NJ Home and Mortgage Finance Agency (NJHMFA) 4 percent Low Income Housing Tax Credits; a private loan guaranteed by HUD’s Federal Housing Administration; and HUD’s Capital Fund Program.
“HUD’s Rental Assistance Demonstration has proven to be an effective tool across the nation to preserve the affordable housing that is so critical for our senior tenants,” Maria Maio-Messano, HUD New Jersey Field Office Director said in a statement. “This is the third RAD conversion in New Jersey and I am pleased that the Housing Authority is ensuring affordability for Passaic’s senior residents for many years to come.”
The Passaic Housing Authority retained the architectural firm of Minervini & Vandermark to incorporate the Physical Condition Assesment results into the planning and design of the project, and selected Straight Edge Construction to perform the work.
We are encouraged by the Housing Authority’s pro-active efforts to redevelop its aging housing stock utilizing HUD’s latest financing options,” Passaic Mayor Dr. Alex Blanco said. “It insures that our residents will continue to have a decent, safe, and affordable place to call home.”
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