Episode 80: The Sylvan Lottery Opens in Englewood Cliffs

Affordable Homes New Jersey has opened a waiting list for 90 income-restricted rental apartments at The Sylvan in Englewood Cliffs, Bergen County — a high-amenity mixed-income development steps from the George Washington Bridge. With rents ranging from $559/month studios to $1,766/month three-bedrooms against market-rate comparables reaching $5,700/month, the affordability discount is among the sharpest in the region. For LIHTC investors and developers, this deal offers a window into mixed-income structure, layered financing, and demand dynamics in one of New Jersey's most competitive submarkets.Key Takeaways:Waiting list applications are open now through June 2 — the deadline is firm and tenant selection is by random lottery.Affordable rents range from $559/month (studio) to $1,766/month (3BR); market-rate units in the same building run $1,950–$5,700/month, a gap of up to $4,000+/month.The 90 affordable units span very-low, low, and moderate income tiers, suggesting layered financing likely involving 4% LIHTC and state or county sources.The Sylvan is a mixed-income site: 90 affordable rental units within a larger development that also includes 112 market-rate townhomes.Geographic preference applies to applicants living or working in Bergen, Hudson, Passaic, or Sussex counties; veterans receive an additional preference tier.Amenities include a fitness center, pool, resident lounge, game room, and coworking space — a competitive amenity package that supports long-term occupancy stability.Location above the Palisades, minutes from the GWB, places this deal in a high-demand, transit-proximate submarket where affordability discounts are most durable.Mixed-income developments in high-cost, transit-accessible Northeast submarkets continue to represent some of the most defensible LIHTC investments in the region. The Sylvan's structure — deep affordability discount, layered income tiers, and a competitive amenity package within a market-rate community — is a model worth watching as New Jersey's pipeline evolves. Developers and syndicators with community outreach obligations tied to this or adjacent Bergen County deals should act before the June 2 window closes.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.