NEWARK – A ribbon-cutting ceremony today marked the completion of the major rehabilitation of a decades-old building with 200 apartments affordable for working families in the city’s Central Ward. New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff attended the ceremony.
The project, 440 Washington Street, was co-developed by BRP Companies, based in New York City, and the St. James A.M.E. Development Corporation. The building, which dates to the early 1970s, includes 149 apartments for residents with incomes up to 50% of the area median income (AMI), 50 apartments for residents with incomes up to 60% of AMI, and one apartment for a superintendent.
“This renovation is a tremendous quality of life investment for hundreds of Newark’s working-class residents and is helping to revive our neighborhoods,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs (DCA) and chair of the NJHMFA board. “Governor Murphy and I are pleased to dedicate the necessary resources for maintaining and supporting high-quality affordable housing and rental assistance for those who need it the most.”
The 21-story building includes one-, two- and three-bedroom apartments. Work, which was completed with residents in place, included new kitchens and bathrooms, lighting upgrades, new baseboard heating, new windows, roof replacement, façade repairs, electrical system upgrades, lobby and common area redesign, security upgrades and a new fitness room for residents.
“This project modernized and preserved housing that will continue to be affordable for working families in the heart of the city and helps to reinvest in and grow the community,” said NJHMFA Executive Director Charles A. Richman. “It also is located in a redevelopment area that is revitalizing the neighborhood and boosting the local economy to help create a stronger New Jersey.”
NJHMFA awarded the development 4% Low Income Housing Tax Credits, which generated $8.6 million in private equity and also provided $17.4 million in construction and permanent financing.
DCA currently provides rental assistance to five low-income families who live in this complex, two are project-based vouchers, and three are for families with tenant-based vouchers.
Through the Agency’s funding resources, NJHMFA has been hard at work as part of the creation or rehabilitation of other Central Ward developments to help provide affordable homes for working families in downtown Newark and reinvigorate the community. Last month, a groundbreaking marked the construction start of Somerset Brownstones, which will include 60 affordable apartments. Nearby, the Willows at Symphony Hall is already providing homes affordable to 60 more families.
Established in 1998, BRP Companies is a full service real estate development firm that manages the acquisition, financing, design and construction of mixed-use properties within targeted urban markets.
To inquire about availabilities or the waitlist, call 973-643-3128 or email email@example.com.
For more information on NJHMFA and its programs, visit njhousing.gov.