The New Jersey Housing and Mortgage Finance Agency (NJHMFA) recently approved $29.1 million in funding for a 75-unit affordable senior housing development project in Paterson.
The Declaration of Intent for funding was recently announced by the Murphy Administration for Hinchliffe Residential, the housing component of the Hinchliffe Stadium Neighborhood Restoration Project (HSNRP).
“The Hinchliffe Stadium project is one that both revitalizes an important derelict public asset with a tremendous history and adds value to the community with high-quality housing and early childhood educational resources,” said Paterson Mayor Andre Sayegh.
Construction Specs
Hinchliffe Residential will be built by RPM Development Group and BAW Development. The housing project will see the construction of a six-story mixed-use building on Jasper Street complete with 75 studios and one- and two-bedroom apartments.
The housing will be reserved for residents aged 55 and older with incomes up to 60% of the area median income. Additionally, the project is expected to include a first-floor child care facility and a parking garage.
“This development is a vital part of the overall rejuvenation of the Hinchliffe Stadium neighborhood which will restore its role in the community,” said NJHMFA Executive Director Charles A. Richman. “It represents the strong commitment of Paterson and its residents, along with the state, to preserve its history and transform it for the future
Stadium Rehabilitation
The intent of the HSNRP is the preservation and rehabilitation of Hinchliffe Stadium, a national historic landmark located within the Paterson Great Falls National Historical Park.
Hinchliffe Stadium, one of two surviving major athletic stadiums in New Jersey that predate World War II, was built in the early 1930s and is one of the last remaining Negro League ballparks. Most recently, the site was used for high schools sports but has suffered deterioration over the lasted two decades.
The HSNRP redevelopment project will rehabilitate Hinchliffe Stadium as a 7,800-seat facility designed for first-class facility for recreation, cultural and entertainment events. Additionally, a restaurant and exhibition space will be constructed on the premises.
Funding Sources
The funding includes 4% Low Income Housing Tax Credits, which are expected to generate $11.4 million in private equity. NJHMFA will provide will provide $18.6 million in additional financing. Additional financing may be drawn in the form of Economic Redevelopment and Growth (ERG) funding from the New Jersey Economic Development Authority, with an application currently under consideration.
Rep. Bill Pascrell, Jr., who has led efforts to renew the former Negro League ballfield, said the investment is a win for the stadium and the neighborhood.
“Development, backed by federal low income housing tax credits, will provide desperately needed housing for our seniors while simultaneously continuing the hard work of bringing back the grandeur of this Paterson crown jewel,” said Pascrell.
“We all know the beautiful history of Hinchcliffe and its surrounding area. Now we are writing the story of what will be a great future too.”
Construction on the project is is expected to begin in September. Competition is slated for March 2022.
