NJHMFA Approves Financing for 48 New Affordable Homes in Irvington

TRENTON, NJ - Forty-eight new affordable rental homes are planned for Irvington as part of Springfield Gateway, a new five-story development that will transform a collection of publicly and privately owned parcels along Springfield Avenue and 21st Street into affordable housing for families and individuals. Of these 48 units, eight units will be set aside for homeless individuals.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) approved $3.19 million in loan financing through its Agency Revenue Bond Financing Program at its September 3, 2026, Board meeting. This financing is in addition to the $17.1 million in project equity generated by the award of 9% Low-Income Housing Tax Credits (LIHTC) in August of 2025. With this action, the $22.7 million community will begin construction in the fall of 2026 with a completion date anticipated for the first quarter of 2028.

"Springfield Gateway is more than the creation of 48 affordable homes-it is an investment in people who too often face the greatest barriers to safe, stable housing," said NJHMFA Executive Director Melanie R. Walter. "By transforming underutilized property into a welcoming community that serves families, individuals and some of our most vulnerable residents, this development demonstrates how affordable housing can strengthen neighborhoods while giving people the stability and opportunity to build a better future."

The project is the result of a partnership between Foya Development Group, LLC, an Irvington-based developer, and the Township of Irvington to assemble and redevelop 10 parcels along Springfield Avenue and 21st Street. The development will transform the properties into new affordable housing while contributing to ongoing investment along Springfield Avenue, one of Irvington's major commercial and residential corridors. Once completed, Springfield Gateway will bring 48 new affordable homes to Irvington, including eight one-bedroom, 28 two-bedroom and 12 three-bedroom apartments, providing a range of housing options for individuals and families while strengthening the surrounding neighborhood.

Located near major transportation corridors and public transit, Springfield Gateway will provide residents with access to employment centers, retail, services and other destinations throughout Essex County and the region. The Irvington Bus Terminal is within walking distance of the development, while Newark Penn Station and Newark Liberty International Airport are also nearby.

The 9% Low-Income Housing Tax Credit (LIHTC) is a federal tax credit that provides a critical source of equity for the development and preservation of affordable rental housing. It is awarded through a competitive ranking process. Administered in New Jersey by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Those interested in learning more about the Agency's programs should visit the website.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: njhousing.gov