Construction is expected to begin in July 2021. Grandparents AE is affiliated with GRCRC and was created for the sole purpose of advancing this project. The project is being developed by Argus Ellison Associates LLC, which is a partnership between Lagos Partners and Winn Development, and Grandparents AE, LLC. Financing of this project also includes $20.2 million in permanent financing through NJHMFA’s Conduit Bond Program, which was approved at today’s NJHMFA Board meeting. 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. On May 12, 2021, the NJEDA Board approved Mixed Use Parking Economic Redevelopment and Growth (ERG) tax credits not to exceed $17 million to support the project. We also are very pleased to be able to serve a genuine community need, especially during these challenging times," said Owen Tonkins, Partner, Argus Ellison Associates LLC. "We are thrilled to return to the Paterson community and to work with the administration in serving a very targeted population. "The Argus Mills property provides a model for inclusive and equitable development by offering financially sustainable, quality housing for Paterson families near the City’s beautiful and historic national park." "Redevelopment of the Argus Mill and related new construction preserves local history while enhancing the quality of life in this vibrant community," said NJHMFA Executive Director Melanie R.
"Grandparents raising grandchildren is a growing portion of our city, so we are very supportive of filling this niche need, while also serving as beacon for other communities to serve their citizens in creative ways." "We are extremely excited about the Argus development project and are profoundly grateful for the state’s assistance in achieving equitable housing and quality infill development," said Paterson Mayor Andre Sayegh. GRCRC offers grandparents and other relative caregivers and the children they are raising with a range of support services, resources, programs, benefits, and information on laws and policies available to help them successfully fulfill their caregiving role. The project also includes office and programming space for GRCRC, which will provide social services to tenants and other Paterson residents. Two small existing office buildings on the site, the Daniel Thompson and John Ryles Houses, will remain in place and serve as management office and nonprofit office space. A minimum of 40 percent of the units in this mixed-income development will average 60 percent or less of area median income (AMI). Most of these apartments will be supported by housing vouchers from the Paterson Housing Authority. At the same time, the project will undertake new construction of a second, six-story building comprised of 68 one-, two-, and three-bedroom apartments. The Argus Ellison Development project will revitalize the historic Argus Mill, which was built in the late 1800s, to create six two-bedroom apartments, and office and programming space for GRCRC. All of this will be achieved in a manner that will make the iconic Argus Mill an asset to the Great Falls community once again." "The project offers attractive and affordable housing options and will provide a permanent, welcoming home for GRCRC staff and the families they support.
The Argus Ellison Development project will advance this goal by supporting the well-being of Paterson residents in several ways," said NJEDA Chief Executive Officer Tim Sullivan. "Driving investment in communities is one of the key tenets of Governor Phil Murphy’s plan for a stronger, fairer New Jersey Economy. It will also provide program space for Grandparents Relatives Care Resource Center (GRCRC), a Paterson-based nonprofit that provides family services, and office space for Winn Residential, the project’s property manager. The Argus Ellison Development project will create 74 housing units and associated parking for residents. (May 20, 2021) – The New Jersey Economic Development Authority (NJEDA) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) have announced their approval of support for a project at the historic Argus Mill site in the Great Falls Historic District of Paterson. Project Includes Affordable Residential Units and Program Space for Non-Profit Supporting Grandparents
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