WinnCos. Preserves NJ Affordable Housing
The company joined with Greater Bergen Community Action to complete a project that will preserve affordable housing for 400 residents for 30 years in Jersey City.
WinnCos. and Greater Bergen Community Action completed the $40.2 million City Crossing, a rehabilitation project that will preserve affordable housing for 400 residents for 30 years in Jersey City, N.J.
The 131-unit community offers rare three,- four- and five-bedroom units that will remain 100 percent affordable. The 15-month renovation plan included an overhaul to the kitchens, bathrooms and interiors of each apartment; repairing and resurfacing the exteriors of all 18 buildings; upgrading the heating and plumbing systems; installing a new high-efficiency central air conditioning system throughout the property; the addition of a new playground, bike racks and common areas that include a lounge and multimedia room; improved landscaping in the courtyard; the modernization of grounds and safety systems; and addressed deferred maintenance needs including damage from Hurricane Sandy and ADA compliance issues.
“City Crossing is a great example of how a single housing redevelopment can strengthen a community in many important ways,” said Gilbert Winn, CEO of WinnCos. “Working together with government and financial partners, we not only delivered quality affordable homes with services that offer residents a brighter future, but also provided significant immediate as well as long-term economic benefits for Jersey City.”
GBCA is also bringing new services to residents, focusing on workforce development and employment opportunities, along with early childhood and family development programs through Head Start. Other public-private partners for the project are the Jersey City Division of Community Development, the New Jersey Economic Development Authority (EDA), the New Jersey Housing and Mortgage Finance Agency (HMFA), the U.S. Department of Housing & Urban Development, The Richman Group Affordable Housing Corp., New Jersey Community Capital (NJCC), Boston Community Capital and Citi Community Capital.
WinnCos. and GBCA acquired the property in 2015. The project was completed in phases, with Jersey City and Hudson County residents making up 59 percent of the workforce. In addition, of the 146 people who worked on the rehabilitation, 108 were minorities and 38 were Section 3 qualified, meaning they were low-income residents from the immediate area. Twenty-six of the workers have been hired for full-time employment on future construction projects.
“These types of projects don’t just build roofs and playgrounds, they create opportunity,” Winn told Multi-Housing News. “Without opportunity, you don’t have the fabric of a community—all you have is buildings. A renovation like this can change people’s lives. If we create a better quality of life, that’s really the most important that our company can be doing.”
Rochester, N.Y.-based DiMarco Constructors was the general contractor on the project, with Chelsea, Mass.-based The Architectural Team, serving as the architect. Property management services at City Crossing are provided by WinnResidential, and Citi provided $27 million in construction financing and $13.8 million in permanent financing for the redevelopment.
Image courtesy of WinnCos.