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Council to consider 30-year tax exemption for senior-housing rehab at 259 Van Nostrand; $24 million rehab proposed
Summary
Council members heard a presentation on a proposed 30-year tax exemption for a senior housing project at 259 Van Nostrand Avenue, a 67-unit building whose owner seeks financing and long-term tax relief to fund a $24 million rehabilitation.
Council members heard a presentation on a proposed 30-year tax exemption for a senior housing project at 259 Van Nostrand Avenue, a 67-unit building whose owner seeks financing and long-term tax relief to fund a $24 million rehabilitation.
George Garcia, attorney for the applicant, told the Jersey City Municipal Council at the caucus meeting that the project would use New Jersey Housing and Mortgage Finance Agency (NJHMFA) financing and low-income housing tax credits to pay for extensive work: roof replacement, new windows, energy-efficient HVAC, elevator modernization, site and streetscape upgrades, and unit interior renovations. The…
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