Bond Issue Approved for Affordable Housing
A bond issue was approved in the amount of $2,350,000 for the construction of 8 low and moderate income rental units and 1 superintendent’s unit out of a total 70 affordable housing units to be constructed on borough owned land located behind the Porcelanosa building on Rt 17. This property consists of a 7.8-acre plot, identified as Block 1002 Lot 4.02. The 70 units (excluding the superintendent’s unit) will be very low, low, and moderate income rental units. This development will be constructed in conjunction with the Housing Authority of Bergen County, the Housing Development Corporation of Bergen County, USR HDC Supportive Housing Urban Renewal, LP and others.
Upper Saddle River Business Administrator and retired Police Chief Ted Preusch provided this additional information after the meeting on the funding for this project:
“The following is a breakdown of the funding:
- $16,740,000 – Construction mortgage financing from TD Bank, N.A.
- $10,345,000 – Permanent loan mortgage financing from Community Preservation Corporation
- $1,050,000 – grant financing from the Federal Home Loan Bank – New York AHP and
- $2,300,000 – Municipal contribution from the Borough of Upper Saddle River
- $11,294,200 – Federal low-income housing tax credits through the New Jersey Housing and Mortgage Finance Agency.”