RIVER VALE—Nearly all 24 affordable rental apartments built first as part of a 249-unit Fairways at Edgewood luxury townhome and condominium development have been leased and likely will be occupied by the end of October.
That’s according to housing officials familiar with the project. One told Pascack Press on Oct. 5 that applicants for 21 of 24 available affordable units have been income-certified.
“We anticipate 100% occupancy by the end of this month,” said Nathan Mundi, a leasing professional for River Vale Place, the latest affordable units to come to River Vale.
Officials responsible for verifying applicants’ household incomes told Pascack Press that almost 1,900 applicants initially applied for the 24 units and were included in the initial random lottery for selection for a one, two or three-bedroom unit in the single complex at 470 Piermont Ave.
“Everyone who applied was given a random number. This establishes a waiting list order. Applicants who live or work in Bergen, Hudson, Passaic, and Sussex County get preference on the waiting list,” said Megan York, vice president of Community Grants, Planning and Housing of Cranbury.
The original lottery drawing was held in April 2021, York said, and applicants who have applied stay on the waiting list as long as they update their information annually with CGP&H. York said they use the existing waiting list to fill any future affordable unit vacancies.
CGP&H is responsible for maintaining an updated affordable unit waiting list and verifying the incomes of applicants for the 24 affordable units, York said.
The affordable apartments — known as River Vale Place — are opposite the Rivervale at Holiday Farm condominium development and have an exit and entrance off Piermont Avenue, nearly opposite the entry and exit ways for Holiday Farm.
The units are smoke-free and include central air conditioning, washer and dryer, dishwasher, parking spaces, and allow pets, although fees and restrictions may apply, notes a flyer.
“Although any income eligible households may apply, residents and workers of Bergen, Hudson, Passaic, and Sussex counties will be selected before residents of other counties or states,” noted a flyer for potential low-income applicants on the borough website.
Representatives from CGP&H told Pascack Press that the lottery process held to select initial winners was in April.
The lottery determined “waiting list priority order” for the 24 affordable units, said a CGP&H flyer, which included four one-bedroom apartments, 15 two-bedroom apartments, and five three-bedroom apartments.
To qualify for a very low-, low- or moderate-income apartment, eligible individuals must qualify based on the maximum gross income and number of family members established by the state’s affordable housing law.
As an example, for a two-member household, to qualify for a low-income apartment, their maximum gross income would be $38,381 while for a four-member household to qualify for a low-income apartment, their maximum gross income would be $47,976.
A six-member household, the maximum family size listed, could have a maximum gross income of $55,652 to qualify for a low-income unit.
Monthly rent, not including utilities for a two-bedroom unit is $847; a three-bedroom is $973; a one-bedroom unit runs $710.
York said it is still possible for applicants to join the waiting list for an affordable unit by filling out the forms at affordablehomesnewjersey.com.
Meanwhile, Toll Brothers, which is developing the 249-unit complex, has begun to construct two categories of 225 luxury townhomes and condominiums on a landscape formerly comprising nine holes of the Edgewood Country Club.
The development was approved by River Vale’s Joint Planning Board in 2019. Its 24 affordable units comprise a key part of the township affordable housing settlement.
Luxury townhomes, styled as Carriages Collection townhomes, start at $945,995 while Cottages Collection condos start at $919,995, according to Toll Brothers’ website on The Fairways at Edgewood.
Both townhomes and condominiums offer either two or three bedrooms, two or three bathrooms, with space ranging from approximately 2,624 square feet for townhomes and 2,330 square feet for condominiums.
By clicking on the model townhome and condominium displayed potential buyers can see seven models of townhomes and two models of condominiums. Most units are two stories high.
Additional features promoted by the developer include home office and loft spaces, full basements, two-car garage, and first floor primary bedroom suites.