Rock Road Residence

Borough of Glen Rock, New Jersey, New Jersey’s 5^th Congressional District

Contact
Lorissa Luciani, PP, AICP, Administrator
New Jersey Department of Community Affairs (NJDCA)
(609) 815-3930
[email protected]

Project Summary

Rock Road Affordable Housing consists of the new construction of eleven (11) affordable rental units in downtown Glen Rock, NJ. The project is located in the Borough of Glen Rock and is conveniently located to the many amenities offered by the town. The new building will feature seven (7) low-income units and four (4) very-income units. There will be one (1) studio unit, two (2) 1-bedroom, six (6) 2-bedroom and two (2) 3-bedroom units.

The property, located at 261 Rock Road, is surrounded by large trees and perimeter shrubbery. The surrounding neighborhood consists primarily of well-kept, single-family homes. The site is located immediately across from NJ Transit’s Glen Rock-Boro Hall Station along the Bergen-Main line. The apartments will feature high-quality finishes and mechanical systems, as well as Energy Star appliances.

As of June 2023, the project is about 60% completed and is expected to be completed in the Fall of 2023.

Benefits & Innovation

The Borough of Glen Rock has provided $605,000 needed for property acquisition, in addition to receiving a PILOT (payment in lieu of taxes) to further assist in the operating pro forma of the project.

The Borough of Glen Rock is an extremely affluent, bedroom community of New York City.  Affordable housing opportunities rarely avail themselves due to the high cost of land within this region of New Jersey.  However, due to New Jersey’s constitution – which requires municipalities to address and build their fair share of affordable housing, partnerships with municipalities and strong developers have made it possible to create more affordable housing opportunities in markets that otherwise price out these prospects.  Paired with an amazing location to shopping, transit, parks, employment and a great aesthetic, its benefits are most positive to both the prospective residents of the project and to the community as a whole. 

The project is Energy Star Certified, including Energy Star appliances, provides automatic fire suppression, central HVAC and meets DCA’s Green Building requirements.  High quality materials like cementitious, fiber siding also lends to a great aesthetic to the project and the downtown.  Formally occupied by a single-family house, this 11-unit development certainly creates a greater opportunity for those who commute to areas throughout northern New Jersey and New York City. 

Partners

• NJDCA – Housing Production Unit, Project Funder (HOME Production Investment Fund)
• Luciano Bruni, Nouvelle, LLC, Project Developer
• Borough of Glen Rock, Project Funder
• Provident Bank, Project Funder (Private Financing)
• John Feeney, Esq., Feeney & Dixon, LLP, Project Attorney
• Yogesh Mistry, AIA, Mistry Design, LLC, Project Architect
• Ken Dykstra, Dykstra Walker Design Group, Project Engineer

Funding

• HOME, $2,023,000
• Borough of Glen Rock Affordable Housing Trust Fund, $605,000
• Provident Bank, $500,000