Freedom Village in Paterson, N.J., recently celebrated with a ribbon-cutting ceremony to officially open the first phase of the 62-plus senior affordable housing community. Developed by Pennrose Properties LLC, in partnership with the Housing Authority of the city of Paterson, the new community will be managed by Pennrose Management Co.
The property had a total development cost of $17.5 million, comprised of $2.2 million of public housing funds, including approximately $1.1 million in HOPE VI funds, $1.1 million in Replacement Housing Factor from the Housing Authority of the city of Paterson, and $145 million in low-income tax credit equity.
The first phase, King’s Court at Freedom Village, was designed to contain a number of amenities including a healthcare suite, fitness center, and more. Additionally, community and apartment features include one-bedroom floorplans, oversized windows, resident storage on each floor, an inviting community room, laundry rooms on each floor, gated parking, and controlled access entrances.
The second phase, Parks’ Crossing at Freedom Village, is currently being designed.
