Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
County executive outlines financing plan for 900 Garfield affordable housing project
Summary
County Executive Craig Guy told the Hudson County Board the 900 Garfield Avenue development would total roughly 500 units, about 20% affordable (roughly 102 units), use union labor and rely on NJEDA Aspire tax credits and tax‑exempt bond financing; no county taxpayer backing is planned except in the unlikely event of default.
County Executive Craig Guy presented the financing plan for a proposed residential development at 900 Garfield Avenue in Jersey City’s Canal Crossing neighborhood, telling the Hudson County Board of County Commissioners the project will include roughly 500 units, about 20% of which will be set aside for low‑income households.
"This project will be constructed by Borre Development in the Canal Crossing redevelopment area," Guy said, adding that "20% of those will be affordable for low income families and individuals," which he quantified as about 102 affordable apartments. He said the developer will use union labor and will provide open‑space improvements tied to the Mars Canal Greenway.
Guy described how the financing package relies on tax credits and bond markets. He said the Hudson County Improvement Authority applied for and received Aspire tax credits from the New Jersey Economic Development Authority and that the county has a $140,000,000 federal tax credit allocation that will facilitate issuance of tax‑exempt bonds. "Although the financing requires a guarantee, no taxpayer dollars will be used to back pay those bonds except in the extremely unlikely event of a default," Guy said.
The county executive framed the ordinance before the board as a final step to complete financing and "put shovels in the ground," and said the administration would involve commissioners as the project moves to design and construction.
Why it matters: the plan pairs large‑scale housing production with a fixed share of units for households at or below 50% of area median income, uses state EDA tax‑credit programs to lower financing costs, and advances the county's stated affordable‑housing goals. The board heard the presentation and discussed next procedural steps; no vote to approve the development financing was recorded at this meeting.
What’s next: the administration and HCIA will proceed with final financing steps and regulatory reviews; commissioners asked to remain involved in project details and oversight as plans proceed.
