Designed by East Orange-based KNTM, The Willow at 1033 Willow Ave. in Hoboken will be the city’s first new affordable housing project for seniors in more than 30 years. — Rendering courtesy: Community Investment Strategies Inc.
By Joshua Burd
A proposal to build Hoboken’s first new senior affordable housing property in decades has secured a key approval, paving the way for an expected 2025 groundbreaking.
The developer, Community Investment Strategies Inc., said the project at 1033 Willow Ave. will have 36 deed-restricted units for renters 55 and older. It’s set to redevelop a city-owned parking lot just south of 11th Street, which once housed a building that was destroyed by a fire in the 1970s.
CIS announced Tuesday that the project, known as The Willow, received unanimous approval from the Hoboken zoning board during a special meeting on Sept. 24.
“We have worked closely with the mayor and city council to provide a project that will help keep seniors in the community,” said Christiana Foglio, CEO of CIS. “It took four years to structure a financial program which will utilize a variety of programs including participation from the state and county. We appreciate the support of all our government partners to make this project feasible.”
Designed by East Orange-based KNTM, The Willow will be Hoboken’s first new affordable housing building in more than 30 years, CIS said. Plans call for a six-story building with three studios, 28 one-bedroom units and five two-bedroom units, plus a ground-floor activity room for seniors to enjoy social and recreational activities.
Funding for the project includes $5.4 million under the state Department of Community Affairs’ municipal-sponsored production fund, a $1.4 million mortgage from the New Jersey Housing Mortgage and Finance Agency, more than $7.7 million from the Low-Income Housing Tax Credit program, $2 million from Hudson County’s HOME Program and $500,000 from the city of Hoboken’s affordable housing trust fund.
CIS noted that The Willow is helping the city meet its affordable housing obligation under a settlement with the Fair Share Housing Center.
“I’m extremely proud that we are moving forward with the city’s first 100 percent affordable housing complex for seniors in over 30 years,” Mayor Ravi Bhalla said. “This new development will help prevent dozens of our valued seniors, the backbone of our city, from being priced out of Hoboken and ensuring they can continue to afford to live in our great city. It’s one meaningful project of many we are taking to create more affordable housing in our Mile Square, and continues to be a major priority for my administration. Thank you to CIS, the city’s Department of Community Development, City Council, the Zoning Board of Adjustment, and our many project partners for ensuring this project’s success.”
