Business
Developer Proposes 16 Affordable For-Sale Condos on Bayonne’s Broadway
A developer has proposed building 16 affordable for-sale condominiums on Bayonne’s Broadway corridor, aimed at helping local working families buy homes.
Cara Squared LLC announced plans for the development at 793-795 Broadway. The one- and two-bedroom units would be priced between $57,000 and $241,000 and reserved for households earning 30% to 80% of the area median income, the income range the state and federal governments use to define affordable housing.
Unlike affordable rentals, the project is for-sale, which the developer said is meant to help lower- and moderate-income families build equity and move from rising rents into homeownership.
“Our goal is to ensure that the people who contribute every day to Bayonne’s vitality can afford to put down roots here,” the firm said. “By transitioning families from rising rents to affordable homeownership, we strengthen neighborhood stability for the long haul.”
The proposal builds on the firm’s earlier work in Bayonne. In 2021, Cara Squared completed a similar eight-unit affordable homeownership project at 741-743 Broadway, which the firm said now houses local schoolteachers, dental assistants, and single parents.
The developer said the project would use HUD HOME funds and New Jersey’s Uniform Housing Affordability Controls to keep the homes affordable for future buyers. Cara Squared said it has developed more than 1,200 affordable units across New Jersey since 1988.
