Bergen City's First Income-Restricted Apartments On Pace To Open Soon

BERGEN COUNTY, NJ — An affordable apartment complex —the first of its kind in this Bergen city — is on pace to open soon, the real estate developer said.

Cornerstone at Montvale — available to residents making 60% or below the area's median income — is expected to deliver its first 15-unit building in mid-August, and offer 25 rentals upon completion, the developer said in a release.

"We are pleased to bring this new, environmentally friendly option for (low-to-moderate income) families in Montvale," Joseph Del Duca, partner and director of affordable housing for developer Walters, said.

The firm broke ground on the 161 Summit Avenue apartments last fall, and construction, a release said, is "progressing steadily."

Pre-leasing is now underway for the two-building development, which is accepting preliminary applications until July 5. Rental rates (ranging from about $600 to $1,600) are based on gross annual income.

Income-eligible households will be selected for a unit through a random selection process, otherwise known as a "lottery," according to a copy of the application.

“Strong early interest shows that this type of rental community, blending quality housing and services, is in high demand," Del Duca added.

Designed to sustainable construction standards, Cornerstone has one-, two- and three-bedroom apartments ranging from about 730 to 1,200 square feet. Each apartment will have its own washer and dryer along with a private exterior front door.

Like all Walters properties, Cornerstone will offer a year-round food/necessity pantry, and a staffed social services coordinator will be available upon request, the developer said.

Common areas on site are designed to "support an active lifestyle," and include a fitness room, playground, bike storage shed, and outdoor areas with seating and gas grills, among other amenities.

Situated on just over three acres, Cornerstone will offer parking for 55 vehicles.

"Filled with lots of popular restaurants, shopping opportunities and a top-notch education system, Montvale is the perfect place to call home," Cornerstone said in a social media post.