Construction of new affordable housing is underway in Bayonne, with a target date of summer, 2013 for completion of a five-story building dubbed “Tagliareni Plaza,” located at 732 Avenue E above the 45th Street Light Rail Station. The building will have 40 apartments that will be rented at affordable rates, while the remaining six will be priced at the market rental rate, city officials said. The project is headed by Regan Development Corp. of Ardsley, N.Y. The affordable housing units are for seniors, veterans, the disabled, and working people in Bayonne earning between $20,000 and $60,000 a year, he said. “Tagliareni Plaza” is named for the late Joe Tagliareni who worked in the Office of the Mayor and “played an active role in local charities and organizations, and helped countless people with housing and other important needs,” Ryan said. Tagliareni died in October. The Bayonne City Council unanimously approved plans for construction of the building in May 2011. The council also approved a $3.2 million subsidy from the Bayonne Affordable Housing Trust Fund and a 30-year tax abatement for the residential portion of the building.