New Jersey is putting up $6.3 million in state subsidies to help finance another piece of the sprawling redevelopment plan in the Great Falls Historic District of Paterson.

This latest plan deals with veteran’s housing development in the historic district, which state and local officials are eyeing as one potential site for revitalizing the former North Jersey manufacturing hub.

Paterson’s five-year master plan calls calls for redeveloping seven former mills and warehouses into a work-live-play environment and community hub. Blue Onyx meanwhile is developing 19,000 square feet of residential, commercial and dining space to be called the “24+Half” project.

Under the plan by Hamilton Square Urban Renewal and the Soldier on Veterans Village VII, the two intend to purchase and restore two historic buildings and repurpose them for dozens of two-bedroom units, plus seven one-bedroom and three-bedroom units. Fifty of the units are alrea homelessness and offer other social support services.

The state funds are coming out of $200 million set aside under the Christie-era Economic Redevelopment and Growth gap financing program used for residential developers. It was extended with the $200 million infusion under the state’s $14.5 billion Economic Recovery Act, an incentive package Gov. Phil Murphy signed in January.

“This project upholds several of the policy goals established under the ERA, particularly those that uplift our most vulnerable citizens by providing affordable and accessible housing options for veterans, and those with disabilities,” ready occupied, according to public documents.

SOVV is a subsidiary of the Massachusetts-based nonprofit Soldier On Inc., whose mission statement is to curtail veterands a prepared Dec. 9 statement from NJEDA Chief Executive Officer Tim Sullivan.

The planned development at 20 and 21 Mill St. in Paterson is set to cost nearly $19.2 million, though only $16.8 million of those expenses were actually eligible to be calculated as part of the award size.

Construction is expected to begin in March 2022 and finish just over a year later in May 2023, and has the full support of Paterson city officials, according to the NJEDA.

Another project in the same historic district, called the Argus Mills, will add 74 affordable housing units to a former mill and a newly-built four-story apartment building for a $26 million price tag. That project is also relying on a patchwork of public and private financing, including ERG tax credits and several federal housing vouchers.

“The Argus Ellison Development project is an example of how public-private partnerships can create innovative infill development that is both equitable and sustainable,” Paterson Mayor Andrew Sayegh said in November.

Nearby, the historic Hinchliffe Stadium and the surrounding area are undergoing a massive redevelopment project which relies on $94 million of public and private financing.

The project would “revive one of Paterson’s historic gems” and provide an “incredible amenity that can be shared by the community for decades to come,” said one of the financers in June – Daniel Alger, managing director and co-head of the Urban Investment Group within Goldman Sachs Asset Management.