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.
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