Acquisition-Rehab Extends Affordability for 30 Years at Carroll Street Houses

Boston (February 19, 2026) – WinnDevelopment, ART-JIUS Enterprises and Rising Dove Carroll Street Houses, a non-profit affiliate of Paterson’s Second Baptist Church, today announced they have begun renovation at an 88-unit affordable housing community in Paterson, NJ, built a half century ago through the efforts of one of New Jersey’s most prominent African-American female developers, Vera McCants, and the Paterson non-profit Inner City Christian Action for Housing (INCCA).

In addition to preserving the affordability at Carroll Street Houses for decades to come, the $26 million phased renovation, planned to occur over 18 months as residents remain in place, will modernize all apartments and common areas, replace roofs, windows, siding and doors on all 10 buildings, increase ADA accessibility, and improve energy sustainability and security.

“This is a wonderful opportunity to partner with the state and community leaders to revitalize and protect an important affordable housing property that has served Paterson for almost a half century,” said WinnDevelopment Senior Vice President David Ginsberg. “Darryl Tyson and Owen Tonkins, the leaders of ART-JIUS, are on a mission to strengthen Paterson one project at time, and we look forward to standing with them to celebrate the completion of work next year.”

The project is WinnDevelopment’s third partnership with ART-JIUS Enterprises in Paterson. The two prior joint ventures resulted in the 2023 construction of Mill Street Square, a 74-unit affordable housing community targeted to multi-generational households with grandparents raising their grandchildren, and the 2024 acquisition-rehab of Hamilton Square Apartments, a 68-unit affordable housing community for low-income families, households at risk of homelessness, and military veterans.

“As native Patersonians, we carry our city with us in everything we build. For us, this closing represents more than a transaction — it’s a continuation of our commitment to creating affordable, accessible, and dignified housing opportunities for families who deserve better. As African American developers, we understand firsthand the importance of ownership, equity, and community uplift. Every project we complete is a step toward expanding affordability and opening doors for the next generation,” said ART-JIUS Enterprises owner Daryll Tyson.

With the community’s federal deed restriction expiring within a few years, the use of the LIHTC program for the acquisition means Carroll Street Houses will remain 100% affordable for the next 30 years for households with earnings at or below 80 percent of Area Median Income (AMI).

"We are excited about this partnership and our continued contribution to our beloved community. This project is not just about modernizing the facilities. It is about providing wholeness, safety, and justice to our longtime residents and neighbors,” said Rev. Dr. Sean C. Evans, Sr., senior pastor of Second Baptist Church.

A variety of public and private institutions are helping fund the project, which follows the acquisition of the property in late December.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is providing Low Income Housing Tax Credits, as well as long-term financing. “Rehabilitation of the Carroll Street Houses will modernize these 88 existing affordable units, incorporating modern design and green building standards to create a place resident are proud to call home.” said NJHMFA Executive Director Melanie R. Walter. “NJHMFA supported this revitalization effort with $25 million in loans and $16 million in tax credits, ensuring that these updated, high-quality homes remain available for Paterson residents for decades to come.”

The New Jersey Economic Development Authority (NJEDA) is delivering tax credits through its Aspire program. “The NJEDA is proud to support the rehabilitation of Carroll Street Houses, which will help expand affordable housing options for Paterson’s seniors,” said NJEDA Chief Executive Officer Evan Weiss. “Throughout New Jersey, the Aspire Program is uplifting residents and investing in community revitalization, driving economic activity and long-term growth.”

Citi Community Capital is providing Aspire state tax credit equity, a bridge loan and a construction loan. “The revitalization of existing affordable housing is a critical need for communities across the nation” said Jim Bendernagel, Director at Citi Community Capital. “We are proud to partner with WinnDevelopment on the rehabilitation of Carroll Street Houses, which will preserve 88-units of affordable housing in Paterson, New Jersey, and we sincerely appreciate our public partners for the public support to make this possible.”

Boston Financial is providing equity through the purchase of the project’s LIHTC. “Boston Financial believes that everyone deserves a safe, quality, affordable place to live, a belief that has driven our mission for almost sixty years” said Rob Charest, Senior Managing Director of Equity Production at Boston Financial. “While there is a critical need to build more affordable housing in our communities, preserving affordable homes we already have is just as important. We are proud to help extend Carroll Street Houses affordability restrictions for the community in Paterson for decades to come.”

The project is also supported by a Project Based Rental Assistance contract with U.S. Department of Housing & Urban Development (HUD) and a rental assistance agreement with the New Jersey Department of Community Affairs (NJDCA). “The efforts to renovate Carroll Street Houses and keep it affordable in the long term for low- and moderate-income residents intrinsically aligns with the work of the New Jersey Department of Community Affairs,” said NJDCA Assistant Commissioner Janel Winter, who directs the Division of Housing and Community Resources. “We are proud to support this project that will result in modern homes and community spaces for the hardworking families of Paterson.”

The City of Paterson provided a Garden State Growth Zone tax arrangement to support the development. “This $26 million investment shows what strong public leadership and community partnership can deliver,” said Paterson Mayor Andre Sayegh. “We are preserving affordable housing, modernizing aging buildings, and honoring the legacy of Vera McCants, a trailblazer who helped build opportunity in Paterson. This project protects residents today and ensures these homes remain affordable for generations to come.”

Paterson community leaders also strongly support the effort.

“The Carroll Street housing redevelopment project represents a meaningful investment in the people of Paterson,” said Paterson City Council President Sr. Lilisa Mimms. This project will preserve and modernize affordable housing, improve quality of life for residents, and strengthen the surrounding neighborhood. As Council President, I support responsible redevelopment that centers residents, creates opportunity, and ensures long-term stability for our families and our city.”

“It’s always great to see strong partners like Daryll Tyson, Owen Tonkins, and WinnCompanies come back to our city and invest in revitalizing the areas that need it most. Maintaining INCCA as 100% affordable housing is exactly what our community needs. I’m looking forward to seeing the upgrades to INCCA Village,” said Paterson City Council Vice President Maritza Davila. “Our residents deserve to feel good about where they live and to have a decent, dignified place to call home. Thank you for being committed community partners and for providing stable, responsible revitalization that truly supports our families.”

“I always say that partnerships and relationships make all the difference in our community. This collaboration between WinnDevelopment, ART-JIUS Enterprises, and the Second Baptist Church is a powerful example of what can happen when committed partners come together for a meaningful cause,” said City Councilwoman Ruby N. Cotton, who represents the residents of Carroll Street Houses. “This is a major win for our community, and I look forward to seeing even more affordable housing initiatives in the future.”

The family townhouse-style property was built in 1977 under the supervision of McCants, then vice president of Inner-City Christian Action for Housing (INCCA), an ecumenical council responsible for affordable housing development in and around Paterson at the time. McCants and, eventually her son, David McCants, helped maintain and preserve the affordability of the property for the next 50 years, a remarkable achievement in light of operational challenges and market conditions.

In addition to installing new kitchens, bathrooms, high-performance doors and windows, siding and roofs, the renovations will revitalize and re-open two resident amenities – a community center and laundry room. The community center will include a computer lab and will provide activity, event and meeting space for residents and a non-profit affiliate of the Second Baptist Church.

WinnDevelopment Senior Project Director R. Lindsay Finkenstaedt and Project Director Justin Barton are overseeing the effort. OA Peterson Construction of Montclair, NJ, is the general contractor, using plans from MG New York Architects of New York City.

ABOUT WINNDEVELOPMENT

As the development arm of Boston-based WinnCompanies, WinnDevelopment creates and revitalizes high-impact mixed-income apartment properties through award-winning new construction, renovation and adaptive reuse techniques. The company prioritizes true mixed-income communities for households of all incomes. WinnDevelopment’s track record of success has earned it a reputation as a trusted, stable community development partner among local planners, public sector agencies and private sector financiers. The company offers integrated asset management services, pioneering environmentally sustainable design and leading property operations expertise. Learn more at www.winncompanies.com/development.

MEDIA CONTACT

Ed Cafasso
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Call or Text: (617)455-9651

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