The Garden State Community Development Corporation, working alongside the Wells Fargo Foundation and local developer Cara Squared LLC, announced the commencement of construction on 307 Bergen Avenue, a $6.3 million housing development in Jersey City’s Greenville neighborhood. The project, which was designed by Inglese Architecture & Engineering, aims to convert a former parking lot into a 12-unit residential condominium complex, intended specifically for low-income families earning 70 percent or less of the area median income.
Scheduled for completion in early 2025, the project plans to offer apartments in one- to two-bedrooms units. It received financial support from a variety of sources, including a $650,000 grant from the Wells Fargo Foundation and contributions from Jersey City HOME Funds, Jersey City Affordable Housing Trust Funds, NJ DCA Neighborhood Revitalization Tax Credit Funds, and New Jersey Community Capital for construction financing.
Current site of 307 Bergen Avenue, via Google Maps
To address the financial challenges of homeownership, such as HOA fees and property taxes, 307 Bergen Avenue plans to include mechanisms to stabilize HOA fees over seven to ten years and provide homeowners with tax mitigation assistance. The property is located steps from stops for the 8, 10 and 119 bus lines. Beyond that, it is a short walk from stops for the West Side Avenue and MLK Drive New Jersey Transit stations, which each service the Hudson-Bergen Train.
“It has been decades since people at this income level could build multi-generational wealth through homeownership in Jersey City,” reports Carol Mori, Garden State Community Development Corporation’s executive director. “We are especially delighted to be building in the Greenville neighborhood, where we have already enjoyed considerable investments from our partners at the Department of Community Affairs through the Neighborhood Revitalization Tax Credit Program. We anticipate that most of the homeowners will be from Greenville.”
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