The 109-unit structure was built in 1931. It has 56 350 square-foot studios that rent for $1,060 monthly, with residents paying $192; and 53 one-bedroom, 560 square-foot units that rent for $1256 a month, with residents paying $246. The balances are paid for through federal subsidies. Average annual tenants income is $9,967.
Councilman Steven Fulop echoed Councilman Mike Sottolano’s sentiments that affordable low-income housing for seniors was necessary before the City Council approved the abatement at the June 9 City Council meeting.
“Affordable housing allows the city to maintain housing for seniors,” Fulop said. “Seniors have been there for over 20 years.”
“It’s the amenities that add up,” Sottolano added, but noted that the rent is low.
The original abatement from 1980 called for a 30-year tax exemption based on 6.28 percent annual gross revenue paid to the city. Upon execution of mortgage, Jones Hall desires to renovate the project to be financed by Housing and Urban Development (HUD) insured mortgage. Jones Hall applied March 5 for 20-year extension of tax exemption, a total term of 50 years, the maximum allowed. Revenue is expected to come from rent and subsidies, fees, and parking, laundry and adult day care.
Renovations call for updating windows for the interior of apartments and emergency, fire and telecommunications systems as well as the exterior, according to the ordinance. Eighteen parking spots will be added.
But resident Yvonne Balcer, a vocal opponent of tax abatements, said that ultimately, homeowners who do not have the benefits of federal subsidies, end up shouldering higher taxes.
“I know people with one bedrooms paying $900 a month in taxes. The city should receive more money, at least 15 percent. Negotiate again. We’re not getting a good deal,” Balcer said.
But the new owners are going to improve the building and keep seniors in Jersey City, Council President Peter Brennan noted.
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