Hoboken’s First 100% Affordable Senior Housing Complex in Over 30 Years

With the high cost of housing in Hoboken, many seniors worry they’ll be forced to leave the c😼ity they’ve called home for so lon♛g.

But ther♉e’s good news: Hoboken just approved its first 100% affordable housing complex for seniors in over 30 years!

This building, set for 1033 Willow Ave, was approved by the Hoboken Zoning Boa𒐪rd, meaning construction is on its way.

Commu🎃nity Investment Stra💧tegies (CIS) will manage the new building, which will offer 36 deed-restricted units specifically for seniors.

The 🐽six-story project i🌊ncludes a mix of studio, one-bedroom, and two-bedroom apartments, along with a ground-floor room where residents can gather for events and activities.

Let’s break down how t💯his project came together, who’s involved, and what it means for Hoboken’s senior residents.

What’s Planned for 1033 Willow Ave?

Long before it was slated fo🗹r redevelopment, the site for this new housing project held a meaningful place in l♏ocal history.

In 1973, a fire destroyed 🧔the tenement building that stood there, tragically claiming 11 lives.

The property then became ci🥃🅷ty-owned and was used as a parking lot.

Now, the city plans to transform it into a space that 🎐serves the community—affordable senior living designed with safety and accessibility in mind.

This six-story building will include ﷽36 apartments: three studios, 28 one-bedroom units, and five two-bedroom units.

Plus, the bu𝐆ilding will have a ground-floor activity room for residents to socialize.

The project was originally planned for 25 units, but that number was increased to 36 to ensure enough funding was secured to keep rent🌸s affordable.

How Is Hoboken Making This Affordable Housing Possible?

Projects like this require substantial funding, and Hoboken was able to secure funding from several local and state sources𓄧.

Here’s how they got the funding to keep thi🏅s project affordable:

• $5.4 million from New Jersey’s Affordable Housing Production Fund.
• $1.4 million mortgage from the Housing Mortgage and Finance Agency (HMFA).
• $7.7 million from Low-Income Housing Tax Credits (LIHTC).
• $2 million from the Hudson County HOME Program.
• $500,000 from Hoboken’s Affordable Housing Trust Fund.

To keep this 🤪housing affordable, Hoboken and CIS signed a 99-year land lease a🐽greement backed by a Payment in Lieu of Taxes (PILOT) plan.

Instead of payin🏅g regular property taxes, CIS will pay Hoboken 1% of the building’s a🧔nnual revenue.

In turn, it decreases costs and allows the city to maintain the property’s long-term affordable hou🍌sing status.

Why This Project Matters for Hoboken’s Seniors

Mayor Ravi Bhalla and Councilman Phil Cohen have been dedicated to affordable housing, and this proℱject is a big win for H🍰oboken’s senior community.

Many of H𒊎oboken’s long-time residents 🍌live on fixed incomes, and rising rents have made staying in the city difficult.

Amazingly, this new building at 1033 Willow Ave will offer them affordable, com𓄧fortable housing, allowing them to stay where they’ve called home for years.

Mayor Bhalla says this project is parꦉt of a bigger plan to bring more aff♑ordable housing to Hoboken for all residents, from seniors to families.

Additionally, Councilman Cohen is especially pleased to see the project take shape ꦍafter seeing the site serve as a pa♋rking lot for years.

Once completed, sen🌟iors can access affordable apartments and a communi𒉰ty space designed just for them.

The head of Hobᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚoken’s Division of Housing, Vanessa F🍌alco, has worked on this project for years.

She sees this as affordable housing a💖nd a way to keep Hoboken’s community stron🍰g and diverse.

Falco thanked the local officials and CIS team for sticking with the proje🌄ct through numerous cha🍌llenges.

Timeline for Construction and Moving In

Now that the approvals are in place, construction is expected ♚to start in 2025.

Building a housing complex like this doesnꦚ’t happen overnight, but with support and funding ready, it’s only a matter of time🅘 before construction begins.

When 🅷it’s done, seniors with limited incomes will have a safe, affordable place to live, alongside spa♑ces to stay connected to their community.

Why does this matter?

Affordable housing projects like this are becoming more important in cities l🧸ike Hoboken, where high𒉰 living costs make it hard for many people to stay.

For Hoboken, this project promises to create spaces that work for evꦛeryone, not just a select few.

For seniors, this development represents stability, security, and the comfort of staying where they’ve lived for so lon⛦g.

Thus, this six-story building at 1033 Willow Ave symbolizes Hoboken’s commitment to support🅠ing its senior residents.

With funding secured, plans approved, a♍nd construction on the horizon, Hoboken is on its way to creating a stable, affordable, and welcoming space for those who’ve been the heart of the city for years.