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$2M Goes Towards Affordable Development

PATERSON, NJ-The six two-family homes in the fourth ward here will be developed by New Horizon Joint Venture.

By Brianne Harrison | Updated on December 27, 2007

(Read more on the multifamily market.)

PATERSON, NJ-The Community Preservation Corp., a not-for-profit mortgage lender, has provided New Horizon Joint Venture with a $1.8-million loan to develop six low-income, two-family homes in the fourth ward here. The homes will be located on three vacant sites on Summer St., Hamilton St. and 12th Ave. The sites are close to Paterson’s downtown business district, the New Jersey Transit train station and Passaic County Community College. The three-bedroom, 1,125-sf homes will be sold for an average price of $385,000.

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