Columbus Crossing: Paramus, NJ

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Location

1 Columbus Way,
Paramus, NJ 07652

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Development Partners

Columbus Crossing is a new construction affordable multifamily housing development by Regan Development Corporation located in the Borough of Paramus, Bergen County, NJ. The development will provide 120 affordable residential dwelling units in a five-story building, transforming underutilized vacant land into a community asset that will expand access to quality rental housing for low-income families.

The development involves a single five-story building with 120 dwelling units, including 24 one-bedroom apartments, 66 two-bedroom apartments, and 30 three-bedroom apartments. One two-bedroom apartment will be designated for a live-in building superintendent. Thirty apartments will be designated for individuals with supportive service needs, including 15 one-bedroom apartments, 11 two-bedroom apartments, and 4 three-bedroom apartments. Eligible residents of these apartments will receive project-based rental assistance administered by the New Jersey Division of Developmental Disabilities.

The building design will include a covered entrance porch adjoining the parking lot, a lobby, a spacious community room, and an on-site management office. Outdoor amenities will include walkable paths, gardens, and seating areas to provide attractive spaces for residents to gather and enjoy the outdoors. The development is conveniently located along Columbus Way, adjacent to the Paramus Cliff Gennarelli Sports-Plex and Garden State Plaza Mall, with access to public transportation directly in front of the property. Its proximity to the Garden State Parkway, Route 17, and Route 4 provides convenient access to surrounding communities and employment centers.

The project will be financed through a combination of a permanent first mortgage under the New Jersey Housing and Mortgage Finance Agency (“NJHMFA”) Taxable Bond Financing program, 4 percent Low-Income Housing Tax Credits, the NJHMFA Special Needs Trust Fund, the NJHMFA Affordable Housing Production Fund, and Borough of Paramus Affordable Housing Trust Funds.

Regan Development Corporation is proud to advance this affordable housing initiative in partnership with the Borough of Paramus, NJHMFA, and its financing and development partners, bringing quality affordable family housing and supportive housing opportunities to Paramus, NJ.