A brand new luxury apartment complex in Paramus has opened a lottery for 15 affordable units with rents starting at just $458 a month — but prospective tenants have less than a week to enter.
The 260-unit Vermella Paramus development is accepting applications for its affordable housing waitlist through May 7, according to a notice from Affordable Homes New Jersey.
The below-market-rate apartments — a mix of one-, two- and three-bedroom units — are expected to be ready for occupancy this spring.
All units come with central air conditioning, a dishwasher and an in-unit washer and dryer.
Building amenities include a swimming pool, outdoor lounge with fire pits and grills, indoor and outdoor fitness areas, podcast rooms, various indoor lounges, and a covered parking garage.
Rents are broken down by income tier.
Vermella Paramus affordable housing lottery
Those prices represent a steep discount in Bergen County, one of the most expensive housing markets in the state. Even the highest-priced affordable unit is well below market rate for a new-construction apartment in the borough.
To qualify, applicants must meet the following maximum gross income limits based on household size:
Vermella Paramus affordable housing income limits
The project at 200 Vermella Way was built by Carlstadt-based Russo Development in a joint venture with Onyx Equities LLC.
Vermella Paramus is Russo Development’s fourth Bergen County project under its Vermella luxury brand.
The development consists of two mixed-use buildings with 8,000 square feet of ground-floor retail space.
It’s adjacent to the Paramus Park Mall and the new Valley Hospital, a 372-bed, state-of-the-art facility on its new Paramus campus.
Affordable housing applicants must submit a preliminary application to be included in a lottery that will determine priority on the waitlist.
Those without an email address can call 609-664-2769, ext. 5, for assistance with the application process.
Preference will be given to those who live or work in Bergen, Hudson, Passaic or Sussex counties.
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