Contact Us
Rutherford Daily Voice serves Carlstadt, East Rutherford & Rutherford

Menu

Rutherford Daily Voice serves Carlstadt, East Rutherford & Rutherford

Nearby Towns

politics

No Borrowing Needed For Carlstadt Senior Housing

Plans are for Carlstadt's Lincoln School building to be converted to senior citizen housing beginning next summer.
Plans are for Carlstadt's Lincoln School building to be converted to senior citizen housing beginning next summer. Photo Credit: Facebook

CARLSTADT, N.J. -- Plans for senior citizen housing in Carlstadt that have been in the works for almost 20 years may see action next year, and there was good news this week: construction for the conversion of the former Lincoln School won’t have to be bonded, NorthJersey.com reported.

Instead, the cost of $7.5 million will be financed with $1.3 million annually that was formerly owed to a tax-sharing pool, NorthJersey.com said. Financial services consultant Bob Benecke proposed the financing scheme to avoid interest costs the town would have to bear if they financed the construction costs conventionally.

Carlstadt no longer has to pay into the tax-sharing pool, Benecke advised, according to NorthJersey.com. Carlstadt has a high percentage of older residents the housing could serve, with almost 28 percent of the population between the ages of 45 and 64, and 15 percent 65 or older. Six percent of seniors in the borough fall below the federal poverty line.

However, feasibility of the project at 512 Seventh St. is still dependent on the building’s condition.

Plans are for 34 one-bedroom units and two two bedrooms renting at $800 a month and up.

To read the full northjersey.com article, click here .

to sign up for Daily Voice's free daily emails and news alerts.

Welcome to

Rutherford Daily Voice!

Serves Carlstadt, East Rutherford & Rutherford

This is a one time message inviting you to keep in touch

Get important news about your town as it happens.