PATERSON, N.J. -- Paterson Mayor Jose "Joey" Torres and the city’s Housing Authority recently announced its home ownership plan for the Alexander Hamilton Phase IV revitalization project.
A partnership with Pennrose Properties, the project aims to increase and strengthen homeownership and the revitalization of the housing market in the city.
"Buying a home is one of the most important decisions families can make," said Torres. "It's a source of pride and security.
"There is a positive climate to home ownership and the city wants to offer affordable and good housing stock to our residents. This public/private partnership has helped strengthen the city's housing market and ensured that Paterson homeowners become part of the nation's housing recovery."
The Alexander Hamilton Phase IV homeownership program, the fourth and final phase of the project, is a $13 million investment from Hope VI and disposition funds, $1.8 Million of HOME funds from the city, a construction loan and proceeds from home sales. Financing was provided by the U.S. Department of Housing and Urban Development, the New Jersey Housing and Mortgage Finance Agency, Capital One Bank, Hudson Housing Capital, and Columbia Bank.
The project includes 25 three-bedroom units, of which 18 will be affordable to families with up to 50 percent of the area median income and two will be sold at market rate. Market-rate units will be sold at $200,000 and the affordable units will be from $125,000-183,000 depending on the interested parties' income.
"This is an effort to provide affordable housing to a wide range of families and continue to create a truly mixed-income community," said Irma Gorham, Housing Authority executive director. "We want to help hardworking families with the opportunity of owning a home, and be part of the city's coordinated effort for community revitalization, which ultimately enhances every segment of our city."
The new homes include 16 townhouse-type units, with four units per building; eight semi-detached twins and one single detached accessible unit. They'll be approximately 2,200 square feet, with garages or driveways. The Housing Authority has conducted home-buying classes to help families that will need additional financial and credit counseling.