A collection of underused property on one of Irvington's main streets is about to become affordable housing.
The New Jersey Housing and Mortgage Finance Agency approved $3.19 million in loan financing for Springfield Gateway, a five-story development with 48 affordable apartments at Springfield Avenue and 21st Street, the agency announced. The agency's board approved the loan through its Agency Revenue Bond Financing Program at its Sept. 3 meeting.
With that money in place, the agency says the $22.7 million project will begin construction this fall, with completion expected in the first quarter of 2028.
How the deal comes together
The new loan sits on top of $17.1 million in project equity generated by 9% Low-Income Housing Tax Credits, which the project won in August 2025. The agency's 2025 tax credit reservation list shows Springfield Gateway receiving an annual allocation of $1,985,301 on Aug. 28, 2025, as a new-construction family project in which all 48 units are affordable.
The 9% credit is a federal tax credit that serves as a major source of equity for building and preserving affordable rental housing. It's awarded through a competitive ranking process, and in New Jersey it is run by NJHMFA. Developers sell the credits to investors, and the money raised goes into construction. Federal housing credits are generally claimed over 10 years, so an annual allocation of about $1.99 million works out to roughly $19.9 million in credits over that period. The $17.1 million in equity is what investors are contributing to the project in exchange for those credits.
Add the $3.19 million loan to the $17.1 million in equity and you get about $20.3 million of the $22.7 million total. The agency's announcement didn't break down where the remaining roughly $2.4 million comes from.
The building and the site
The project is a partnership between Foya Development Group, an Irvington-based developer, and the Township of Irvington to assemble and redevelop 10 publicly and privately owned parcels along Springfield Avenue and 21st Street. The reservation list puts the site at 749-755 and 759-763 Springfield Avenue and 413-421 21st Street, and names Adenah Bayoh as the developer's primary contact.
When it's finished, Springfield Gateway will have eight one-bedroom, 28 two-bedroom and 12 three-bedroom apartments. Eight of the 48 units will be set aside for people experiencing homelessness.
"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 agency describes Springfield Avenue as one of Irvington's major commercial and residential corridors and says the project adds to ongoing investment along it. The Irvington Bus Terminal is within walking distance, and Newark Penn Station and Newark Liberty International Airport are nearby.
The heavy share of two- and three-bedroom units, 40 of the 48, points to a building aimed largely at families. That fits the "family" designation on the state's tax credit list.
The announcement didn't name a general contractor or architect.
Why it matters for Contractors
A five-story, 48-unit building with a $22.7 million budget and a fall 2026 start is work that's real and close at hand. A start this fall and a finish in the first quarter of 2028 leaves a construction window of roughly 15 to 18 months for crews to get the building done. Because 10 parcels are being combined into one site, expect site preparation and utility work before the building goes up. Then comes the structure, envelope, roofing, MEP, fire protection, an elevator and finishes for 48 apartments, most of them two- and three-bedroom units with more bathrooms and kitchens per unit. Projects funded with tax credits and state agency loans usually come with paperwork: prevailing wage and certified payroll requirements may apply, and some deals carry goals for minority- and women-owned businesses. Contractors who haven't done affordable housing work before should get familiar with those rules. With construction expected to start within weeks, subcontractors in Essex County should reach out to Foya Development Group now instead of waiting to hear about bids.