In recent months, the New Jersey Economic Development Authority and the New Jersey Housing and Mortgage Finance Agency announced significant financial support for the Argus Ellison Development project, which aims to build 74 housing units on the historic Argus Mill site in Paterson’s Great Falls Historic District as well as provide program space for the Grandparents Relatives Care Resource Center.
The EDA board of directors granted mixed-use parking Economic Redevelopment and Growth tax credits with a maximum value of $17 million last week to help fund the project. The award approximates 100 percent of actual eligible parking costs and 40 percent of the total actual eligible project costs related to residential housing uses. The award approximates 100 percent of actual eligible parking costs and 40 percent of total actual eligible project costs related to residential housing uses.
On Tuesday, the NJHMFA approved $20.2 million in permanent financing through the Conduit Bond Program, which is administered by the NJHMFA.
The ancient Argus Mill, which was constructed in the late 1800s, will be revitalized as part of the project. It will result in the construction of six two-bedroom apartments as well as office and programming space for GRCRC. A second, six-story structure containing 68 one-, two-, and three-bedroom apartments will be constructed at the same time as part of the project’s expansion. The Paterson Housing Authority will provide housing vouchers to help pay for the majority of the flats in this development.
The project also contains office and programming space for the Greater Paterson Community Resource Center, which will provide social services to tenants and other inhabitants of the city. Grannies, other relative caregivers, and the children they are raising can benefit from a variety of services, resources, programs, and benefits available through the Grandparents, Other Relative Caregiver Resource Center (GRCRC), as well as information on laws and policies that can assist them in successfully fulfilling their caregiving role.
In July 2021, work is planned to commence on the project. The project is expected to be completed in September 2022, according to current estimates.
As Tim Sullivan, the EDA’s chief executive officer, pointed out, “the initiative will contribute to the well-being of Paterson residents in a variety of ways.”
According to him, “the project provides attractive and inexpensive housing options, as well as a permanent and welcoming home for GRCRC workers and the families they serve.” “All of this will be accomplished in a manner that will restore the famous Argus Mill to its former status as a valuable asset to the Great Falls community.”
The project, according to Paterson Mayor Andre Sayegh, would improve the quality of life for many people.
The Argus development project is “very exciting,” he said. “We are genuinely thankful to the state for its assistance in delivering equal housing and high-quality infill development.” In our community, the number of grandparents raising grandkids is increasing. As a result, we are enthusiastic about providing this specialized need while also serving as a model for other cities looking to serve their inhabitants in innovative ways.
Project developers Argus Ellison Associates, which is a joint venture between Lagos Partners and Winn Development, and Grandparents AE, which is linked with GRCRC and was formed specifically for the purpose of furthering this project, are working on the development of the project.