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Opening of Final Phase of Freedom Village Development in Paterson, N.J., Celebrated
September 19, 2017
Federal, state, and local officials celebrated the grand opening of Park’s Crossing at Freedom Village, the second and final phase of Freedom Village, located in the heart of Paterson, N.J. The 63-unit housing community was developed by Pennrose Properties, LLC, in partnership with the Housing Authority of the City of Paterson and is professionally managed by Pennrose Management Company.
The development is the culmination of a multi-year effort by the City of Paterson, the Housing Authority of the City of Paterson (HACP), and Pennrose. In 2011, $18.4 million in HOPE VI funds were dedicated by the U.S. Department of Housing and Urban Development, which marked a watershed moment for the City of Paterson and the HACP. These funds have been used to finance five phases of the Heritage at Alexander Hamilton redevelopment, including an education center for children pre-K through 5th grade, and Freedom Village phases I and II. In addition, funding for phase II was provided through $1.4 million of Low Income Housing Tax Credits (LIHTC) awarded by the New Jersey Housing and Mortgage Finance Agency (HMFA), which generated more than $15 million in private equity.
“We are very pleased to have collaborated with the City of Paterson in their investment in the Fourth Ward,” said Harry Moody, senior developer, Pennrose Properties, LLC. “This and the previous developments are already having affecting change and revitalization of this neighborhood.”
Speakers at the event included William J. Pascrell, Jr., United States Congressman, 8th District; Honorable Jose Torres, mayor, City of Paterson; Ruby Cotton, councilwoman, 4th Ward of the City of Paterson; Irma Gorham, executive director, Housing Authority of the City of Paterson; Etta R. Denk, senior vice president, NJ market manager, Enterprise Business & Community Engagement, Bank of America; Harry Moody, senior developer, Pennrose Properties, LLC.
"In 2010, after we had secured Recovery Act funding for the demolition of the old Alexander Hamilton project, we were devastated to find out that Paterson’s application was only one point away from receiving a Hope VI Award. My office worked closely with the Paterson Housing Authority and the U.S. Department of Housing and Urban Development to go over the application in order to see where we did well and what areas we could improve upon. Thanks to the hard work and determination of all parties, one year later the application was successful, and Paterson was awarded nearly $20 million that have helped turn the dream into a reality," said Representative Pascrell. "That money has leveraged nearly $80 million more to create what will be affordable housing for 271 families and seniors. With some of the highest housing costs in the nation in northern New Jersey, senior housing is in short supply and desperately needed. I'm very proud to help bring this type of smart economic stimulus knowing that Paterson residents are receiving the investment they deserve."
Freedom Village was designed by architects Wallace Roberts & Todd, LLC with the comfort of its senior residents in mind. Community and apartment features include spacious one-bedroom floorplans, oversized windows, an inviting community room, laundry rooms on each floor, gated and covered parking, and controlled access entrances.
“Freedom Village is a landmark event in The Housing Authority’s commitment to providing affordable housing for the City of Paterson’s seniors,” said Irma Gorham, executive director of the Paterson Housing Authority. “This community is a critical aspect of the redevelopment plans of the Fourth Ward, as it will be pivotal in helping to transform the area.”
All units are affordable to seniors 55 or older earning 60% or less than the Area Median Income (AMI. Rents are subject to income restrictions. For leasing information, call 973-321-7740 or visit the leasing office 69 Straight Street, Paterson, NJ 07513. Office hours are 8:30-5:00, Monday through Friday. To learn more, visit www.FreedomVillageNJ.com.
This first phase, King’s Court at Freedom Village, opened in 2015 and provides units to seniors who are 62 and older. The phase was named to honor Dr. Martin Luther King, Jr.’s, speech at the neighboring Bethel AME Church in 1968. The second phase, Parks’ Crossing at Freedom Village, is currently being designed.