PLAINFIELD, NJ — Plainfield cut the ribbon on Thursday to officially welcome the city's most recent housing development in the Fourth Ward, The Station at Grant Avenue. The workforce 90-unit housing community took less than two years to build. Constructed with an eye on quality, it will be a welcoming place to call home for many Plainfielders in the years to come.
Every apartment includes a central air-conditioning system, in unit full size washer and dryer, granite counter tops and two bathrooms in every two-bedroom unit. The property includes an onsite fitness center and yoga room, along with a 3,000+ square foot outdoor elevated courtyard.
The five-story building provides mixed-income housing to residents. It features ninety (90) one, two, and three-bedroom apartments, security controls, on-site parking, and a contemporary lobby. To date, it is the most significant development in Plainfield’s fourth ward in over forty (40) years. It offers Plainfield residents attractive, affordable, and accessible housing located conveniently near to transportation.
Plainfield Mayor Adrian O. Mapp said at the ribbon cutting, "We will be creating and introducing a Tenants Bill of Rights within the next two months. I will task my administration with working on that, and we will bring it to the governing body for consideration and for adoption."
The $30 million dollar investment was made possible through the following important funding sources:
- Major Equity contribution from J.G.Petrucci Company, Inc.
- A Low-Income Housing Tax Credit (LIHTC) award from NJHMFA
- Volume Cap bonds allocation from NJHMFA
- CDBG award from NJHMFA
- Low Income Housing Tax credit syndication and Equity from RBC Capital
- Construction and Bond Financing from JPMorgan Chase
A press release notes The Station at Grant Avenue has a projected tax revenue of $4.5 million over thirty years, and before its redevelopment, the then-vacant five-acre site brought in zero tax revenue. The development provided over two hundred construction jobs for Plainfield, county and state residents.
The project offers high-quality housing opportunities for families whose household incomes are between 30% of AMI and 60% of AMI. More importantly, the project fosters greater financial security for families by having rents set at no more than 30% of household income. A utility allowance further reduces household rental costs. The development was built to high-quality market rate standards, thus providing equity in housing regardless of income levels.
TAPintoPlainfield.net is Plainfield's free online daily newspaper for Plainfield, NJ news. Sign up for our daily eNews and follow us on Facebook, Twitter @PlainfieldTAP, and on Instagram @tapintoplainfield for all of your Plainfield local news. Download the free TAPinto App for iPhone or Android.
Have an idea for a story? Looking to advertise? Email email@example.com.