Funding and Interest in New Jersey Hospital Housing Initiative Grows

Healthcare industry executive John Klein serves as the chairman of Cambridge Therapeutics in Alpine, NJ. In his supervisory role at Cambridge Therapeutics, John Klein sets the strategic direction for the company and remains familiar with new political and community developments affecting healthcare.

A new initiative that promotes the addition of affordable housing in the neighborhoods around New Jersey hospitals has received more funding and support than previously expected.

The executive director of the New Jersey Housing and Mortgage Finance Agency (HMFA), Charles Richman, originally announced that the project would receive $12 million from the organization. However, hospitals are matching the capital awarded by the HMFA, thus boosting the total to a minimum of $48 million. On top of that, Richman believed the state would fund only three or four alliances with medical facilities. However, at least six hospital-housing partnerships will be established by 2020, and the HMFA is hopeful this amount will increase to eight.

The first venture backed by this initiative is being completed on a vacant lot in Paterson. Resulting from a partnership between the HMFA and St. Joseph’s University Medical Center, the project is a 70-unit development that will feature one- to three-bedroom apartments. These units will largely be reserved for low-income residents, many of whom can benefit from hospital services.

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