Hoboken's Getting Its First Fully Affordable Housing Building In 30 Years

HOBOKEN, NJ — Hoboken officials broke ground last week on The Willow, a six-story, 100 percent affordable housing development for seniors.

It's the first income-based all-affordable housing building constructed by the city in three decades, officials said.

Located at 1033 Willow Ave., The Willow will include 36 deed-restricted affordable units for seniors: three studio apartments, 28 one-bedrooms, and five two-bedroom apartments.

The Willow will also have a ground-floor community activity room, and fifth floor library.

The development is designed to help older residents find affordable homes in the mile-square city amid rising housing costs and limited affordable housing options.

Construction, made possible through a partnership with developer Community Investment Strategies,

“Making sure our seniors can continue to live in Hoboken has been a priority, and The Willow shows what is possible when people come together around that goal,” said Mayor Jabbour. “This has been years in the making."

The building will serve households aged 55 and earning 80 percent of Area Median Income (AMI) or less, with at least half of the units reserved for households earning 50 percent of AMI or less, and approximately 13 percent reserved for households earning 30 percent of AMI.

The site at 11th Street and Willow Avenue was once home to a tenement building destroyed by a fire in 1973 that claimed the lives of 11 residents.

The property later became city-owned parking lot.

Over the past six years, the City’s Department of Community Development has worked on a plan to transform the site into permanent affordable housing for seniors.

Hoboken 5th Ward Councilman Phil Cohen, who represents that neighborhood, said, “This will become a beautiful housing development in a great neighborhood with easy access to public transportation, perfect for our seniors who want to stay in the city they love, but are concerned about the cost of living.”

Former Hoboken mayor and current Assemblyman Ravi Bhalla said, “It began taking shape in the early years of my administration, and for eight years we worked tirelessly to secure the support and approvals."

“We are pleased to ... break ground on a new, age-restricted apartment community that when complete, will enhance the fabric of the neighborhood,” said Christiana Foglio, Founder & CEO Community Investment Strategies.

The project is partially funded by $500,000 from the City’s Affordable Housing Trust Fund and includes financing from the New Jersey Housing and Mortgage Finance Agency (HMFA), which is providing construction and permanent financing, as well as Low-Income Housing Tax Credit (LIHTC) equity through Enterprise Community Partners.

Additional funding sources include Citizens Bank, and the Hudson County HOME Investment Partnership Program.

The Willow will have high-efficiency and sustainable design features, including Energy Star certified apartments and Zero Energy Ready Home design standards.

Hoboken already has several types of affordable housing buildings, including federally subsidized senior towers on the west side of town that are run by the Hoboken Housing Authority. Other buildings were erected years ago under government programs offering low-interest loans. To find out more, go here.