NJHMFA executive director Charles A. Richman

PATERSON, NJ—The New Jersey Housing and Mortgage Finance Agency has agreed to provide nearly $19 million in construction financing and tax credits for a senior housing development that is part of the ambitious redevelopment of the long-vacant and dilapidated Hinchliffe Stadium property here.

The NJHMFA Board of Directors approved funding to build the $29.1-million Hinchliffe Residential affordable senior housing development.

Hinchliffe Residential, to be built by RPM Development Group, and BAW Development, will involve the construction of a six-story mixed-use building on Jasper Street to house a total of 75 studio and one- and two-bedroom apartments for residents age 55+ with incomes up to 60% of the area median income. The project is also expected to include a first-floor child care facility and a parking garage.

Funding through NJHMFA for the new senior apartments includes 4% Low Income Housing Tax Credits, which will generate $11.4 million in private equity. NJHMFA will also provide $18.6 million in construction and permanent financing. Construction on the new housing is expected to begin in September and be completed March 2022.

"This development is a vital part of the overall rejuvenation of the Hinchliffe Stadium neighborhood which will restore its role in the community. It represents the strong commitment of Paterson and its residents, along with the state, to preserve its history and transform it for the future," says NJHMFA executive director Charles A. Richman.

"The Hinchliffe Stadium project is one that both revitalizes an important derelict public asset with a tremendous history and adds value to the community with high-quality housing and early childhood educational resources," says Paterson Mayor Andre Sayegh. "We are extremely grateful for the support and investment from NJHMFA in this project that will serve Patersonians for generations to come."

In addition to the affordable housing component, the overall $76.7-million HSNRP redevelopment project consists of the rehabilitation of Hinchliffe Stadium as a 7,800-seat, first-class recreation, cultural and entertainment facility; a restaurant; and exhibition space. A portion of the financing for this aspect of the project may come in the form of Economic Redevelopment and Growth (ERG) funding from the New Jersey Economic Development Authority. An application is currently under consideration.

Built in the early 1930s, Hinchliffe Stadium, one of the last remaining Negro League ballparks and a later site for high school sports, has been vacant for more than two decades and has suffered extensive neglect and deterioration. The stadium is one of two surviving major athletic stadiums in New Jersey that predate World War II and has been named a national historic landmark.

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NJHMFA Provides Funding for Hinchliffe Stadium Renewal Project

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