NEWARK – New Jersey Housing and Mortgage Finance Agency Executive Director Anthony L. Marchetta recently joined local officials and representatives from Ingerman Development Company and YMCA to mark the grand opening of The Willows at Symphony Hall, a 60-unit rental complex that helps boost affordable housing available in downtown Newark.
The four-story building, located between Crawford and Halsey streets in the Lincoln Park section of the city, offers a mix of one- and two-bedroom units. Units will be marketed to residents earning no more than 60 percent of area median income; 15 are set aside for special needs – nine for homeless individuals with a disability and six for consumers of mental health services.
The $15.7 million project, developed by Ingerman Development Company on a previously vacant lot, was awarded the extremely competitive 9 percent federal Low Income Housing Tax Credits, which are expected to generate $11.4 million in private equity. The project also received $2.7 million in HMFA financing.
“We are pleased to see the grand opening of The Willows at Symphony Hall, which makes brand new affordable housing opportunities available for individuals and families in Newark,” said New Jersey Department of Community Affairs Commissioner Charles A. Richman, who also serves as chairman of the HMFA board. "Projects like this help enhance urban neighborhoods by mobilizing capital investment and fostering re-development.”
The units feature full kitchens, in-unit washers and dryers, and energy efficient appliances. Community features include a playground, fitness center, and an artist studio and gallery space. The building, which is surrounded by galleries, dance studios, theaters and parks that comprise the Lincoln Park Coast Cultural District, also has an artist housing preference.
The development is in close proximity to the downtown core of Newark, with supermarkets, drugstores, convenience stores, houses of worship and medical facilities nearby. The development is adjacent to NJ Transit bus and rail service and near major highways.
“These homes represent a continued investment in the city of Newark,” said Director Marchetta. “With its access to downtown, the development enables residents to have access to city services and amenities right outside their door.”
HMFA estimates that the project generated nearly $24.9 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 149 direct and indirect/induced full-time equivalent jobs, and generated more than $900,000 in state and local taxes. Now completed, the project is expected to continue to add value to the community by providing approximately $2.8 million in ongoing economic output, 16 direct and indirect/induced full-time equivalent jobs, and approximately $157,100 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
The Mental Health Association of Essex County will provide supportive services for the six units for the mental health consumers. The YMCA of Newark and Vicinity will provide supportive services for the nine units designated for homeless individuals with a disability.
Ingerman Development, based in Collingswood, is a leading developer, builder and manager of multi-family communities throughout the Mid-Atlantic region.
For more information on HMFA programs, visit www.njhousing.gov