Conversion Ledger
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PHA code NJ021 · Medium PHA · New Jersey

Housing Authority of the City of Paterson

Housing Authority of the City of Paterson has closed 2 RAD conversions covering 83 public housing units, with 3 more (712 units) between CHAP and closing. It still has 985 public housing units in 10 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 2 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 2 used low-income housing tax credits and 0 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for NJ021, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Greater PatersonSec. 18 blendPBV62ClosedJan 20254%$144,088
Christopher ColumbusSec. 18 blendPBV21ClosedOct 20244%$137,101
Barnert, Cotton and Griffin DevelopmentsPBV308CHAP awardedCHAP 2018
Mcbride, Mariello and Canfield DevelsPBV384CHAP awardedCHAP 2018
Sojourner Douglass HomesPBV20CHAP awardedCHAP 2018

Still public housing: 2026 RAD rents

HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across NJ021's remaining units that averages $1,135 a month, against a weighted PBV cap of $2,373 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries.

Unconverted public housing projects, May 2026 RAD rents tool
Project Units 2026 RAD rent PBV cap PBRA cap 60/40 blend
McBride, Masiello and Canfield Devels NJ021062910 384 $1,142 $2,252 $2,457 $1,858 Debt
Barnert, Cotton and Griffin Developments NJ021006178 308 $1,159 $2,246 $2,450 $1,859 Debt
Christopher Columbus Site IV NJ021000014 137 $1,178 $2,772 $3,024 $2,119 Debt
Belmont NJ021000018 25 $956 $2,226 $2,429 $1,700 Debt
Heritage Alexander Hamilton-Ii NJ021000020 25 $1,009 $2,763 $3,014 $1,999 Debt
Heritage Alexander Hamilton-Iii NJ021000021 25 $1,079 $2,535 $2,766 $1,896 Debt
Heritage Alexander Hamilton NJ021000019 24 $1,039 $2,714 $2,960 $1,956 Debt
Heritage Apollo Dye-Vi NJ021000022 21 $795 $2,226 $2,429 $1,577 Debt
Sojourner Douglass Homes NJ021000012 20 $1,508 $3,291 $3,590 $2,609 Debt
Freedom Village Phase II/Parks Crossing NJ021000023 16 $799 $2,226 $2,429 $1,564 Debt

Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.

Financing the next one

Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.

Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.

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Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.