Wayne adding affordable units for seniors under deal

By: Philip DeVencentis
NorthJersey.com
USA Today Network - New Jersey

WAYNE - The township is set to add 32 low-income units to its housing stock without anyone having to life a shovel.
..... Under an agreement between officials and Christian Health, a Wyckoff-based nonprofit, that number of market-rate apartments at Summer Hill of Wayne, a 164-unit complex in the 5th Ward, will be converted into affordable units.
..... Mayor Christopher vergano said the agreement is an obvious benefit to the township because it helps to satisfy its state-mandated housing quota. "It provides a very easy way for us to pick up additional Mount Laurel units," he said Tuesday. [04/26/2022]
..... And for Christina Health, it makes financial sense.
..... Its subsidiary, Summer Hill of Wayne, L.P., had been charged a rate of 6.28% on annual gross revenue from the development under a deal that was in effect since the complex was planned in June 1996. According to the new agreement, that rate will be lower to 2.5%.
..... The estimated payment to the township in the first year of the deal is $44,781, based on total rental revenue of just under 42.1 million.
..... This type of agreement is called a PILOT - it lays out a schedule of annual payments to be made to a municipality in lieu of taxes. In this case, payments to Wayne are projected eventually to top $58,200. Savings achieved through the lower rate will be spent by Christian Health on renovating the 44-and-up complex on Summer Hill Road. The project will include new roofs and vinyl siding for both apartment buildings, as well as window replacement and a host of interior upgrades.
..... The demand for affordable units is great; at Summer Hill, prospective tenants may wait up to a year for a single-occupancy apartment.
..... Christian Health also owns Sinna Village of Wayne, which is a 62-adn-up complex off Runnymede Drive.

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