With the high cost of housing in Hoboken, many seniors worry they\u2019ll be forced to leave the city they\u2019ve called home for so long.<\/p>\n
But there\u2019s good news: Hoboken just approved its first 100% affordable housing complex for seniors in over 30 years!<\/p>\n
This building, set for 1033 Willow Ave, was approved by the Hoboken Zoning Board, meaning construction is on its way.<\/p>\n
Community Investment Strategies (CIS) will manage the new building, which will offer 36 deed-restricted units specifically for seniors.<\/p>\n
The six-story project includes a mix of studio, one-bedroom, and two-bedroom apartments, along with a ground-floor room where residents can gather for events and activities.<\/p>\n
Let\u2019s break down how this project came together, who\u2019s involved, and what it means for Hoboken\u2019s senior residents.<\/p>\n
Long before it was slated for redevelopment, the site for this new housing project held a meaningful place in local history.<\/p>\n
In 1973, a fire destroyed the tenement building that stood there, tragically claiming 11 lives.<\/p>\n
The property then became city-owned and was used as a parking lot.<\/p>\n
Now, the city plans to transform it into a space that serves the community\u2014affordable senior living designed with safety and accessibility in mind.<\/p>\n
This six-story building will include 36 apartments: three studios, 28 one-bedroom units, and five two-bedroom units.<\/p>\n
Plus, the building will have a ground-floor activity room for residents to socialize.<\/p>\n
The project was originally planned for 25 units, but that number was increased to 36 to ensure enough funding was secured to keep rents affordable.<\/p>\n
Projects like this require substantial funding, and Hoboken was able to secure funding from several local and state sources.<\/p>\n
Here\u2019s how they got the funding to keep this project affordable:<\/p>\n
To keep this housing affordable, Hoboken and CIS signed a 99-year land lease agreement backed by a Payment in Lieu of Taxes (PILOT) plan.<\/p>\n
Instead of paying regular property taxes, CIS will pay Hoboken 1% of the building\u2019s annual revenue.<\/p>\n
In turn, it decreases costs and allows the city to maintain the property\u2019s long-term affordable housing status.<\/p>\n