NJHMFA to Finance Transformation of Former Little Sisters of the Poor Facility into Affordable Senior Housing Community

TRENTON, NJ — 

The former St. Joseph's Home for the Elderly, operated by the Little Sisters of the Poor in Totowa, will gain new life as a modern 141-unit affordable senior housing community thanks to more than $63 million in new investment.

Originally constructed in 1975 as an independent living residence for seniors, the property has since become vacant. In June, the New Jersey Housing and Mortgage Finance Agency (NJHMFA), awarded 4% Low-Income Housing Tax Credits to support this transformation. These credits are expected to generate approximately $22 million in private investment. NJHMFA also committed to provide the project $18.2 million in financing through the Agency's Revenue Bond Financing Program.

"This project is an excellent example of adaptive reuse to support current affordable housing needs," said Melanie R. Walter, Executive Director of NJHMFA. "By transforming a vacant senior living facility into a modern, fully affordable community, we are preserving a community asset while expanding housing opportunities for older adults. We are proud to invest more than $40 million in tax credits and financing to help Christian Health Senior Housing Development Corporation bring this vision to life."

As New Jersey's senior population continues to grow, developments like this are critical to ensuring older adults can remain in their communities with access to safe, affordable housing and modern amenities. The property is conveniently located within walking distance of supermarkets, banks, bus stops, and a public library, and within two miles of hospitals, colleges, and major transportation corridors, including Interstate 80.

Additional financing partners include the New Jersey Economic Development Authority through its ASPIRE Program, Christian Health Senior Housing Development Corporation, and the Borough of Totowa through its Affordable Housing Trust Fund.

Once completed, the development will include seven studio apartments averaging 552 square feet, 124 one-bedroom apartments averaging 604 square feet, and 10 two-bedroom apartments averaging 906 square feet.

NJHMFA's Revenue Bond Financing Program is one of several financing tools the Agency uses to support the development and preservation of affordable housing throughout New Jersey. By leveraging public and private investment, the program helps create high-quality homes that strengthen communities and improve residents' quality of life.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: njhousing.gov