City Backs Affordable Housing at YMCA

Roughly $48,000 in city funds will go toward the reconstruction of affordable housing in the Hoboken YMCA, which will help the new owners with financing the reconstruction, according to Jong sook Nee, the city's redevelopment counsel.

Nee, who works at McManimon and Scotland LLC, said that the city has roughly $72,000 in accrued interest.

Nee briefed the city council on the money in the account and the project during a meeting on Wednesday night. The new Hoboken YMCA will feature typical YMCA services—such as a gym—as well as 96 single rooms, only available to single men, Nee said.

Nee said that construction will have to be completed by the end of 2012. It's not yet clear toward which plan the roughly $24,000 that remains in the account will go, Nee said. The city council on Wednesday gave Nee the authority to start looking for eligible projects.

"We want to put together a plan," said Director of Community Development Brandy Forbes.

The city council voted unanimously to approve the reallocation of funds. "It’s important for us to keep the Y," said Councilman-at-Large David Mello. Councilmembers Carol Marsh, Beth Mason and Theresa Castellano were absent.

The money will have to go toward affordable housing projects in the city of Hoboken, of which the YMCA is one.

She said that she will start looking—in cooperation with the city—for appropriate projects, either existing or new. Once selected, the plan and reallocation of funds will have to be approved by the city council.