FAIR LAWN - An 85-unit affordable housing development planned for seniors and homeless veterans at 18-25 River Road was awarded a nine percent tax credit for investors by the state Housing Mortgage Finance Agency, said Bergen County United Way’s president.
The tax credits are intended to help with the financing of the approximately $18 million affordable housing project, said Tom Toronto, BCUW president.
Tax credits can typically provide 70 percent of the cost of an affordable housing project, he said.
BCUW/Madeline, in partnership with PenWal Affordable Housing Development Corporation, hope to break ground in spring 2018, Toronto said.
The Planning Board approved an increase in units from the originally proposed 65 in 2014 to 85 units in December 2016, according to Toronto.
He said a minimum of five units are for homeless veterans, four units for individuals with special needs, and remaining units are split among varying levels of very low, low, and moderate income level seniors.
“This will be the first tax-credit project developed by BCUW/Madeline Housing Partners,” said Toronto via a news release on Aug. 28.
He said BCUW/Madeline is also working collaboratively with Fair Lawn to build six units of special needs housing on Campbell Road. The Borough Council authorized the project earlier this year, Toronto said.