|For Immediate Release:||Contact:|
|April 4, 2012||Hollie Gilroy
DCA & HMFA Mark Ribbon Cutting for Apartments@Harmony Square in Newark
NEWARK, N.J. – New Jersey Department of Community Affairs (DCA) Acting Commissioner Richard E. Constable, III and New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined Newark Mayor Cory Booker and other city, county and state officials to mark the completion of Apartments@Harmony Square, an affordable housing building in the North Ward neighborhood and redevelopment area of Newark. The HMFA, an affiliate of the Department of Community Affairs, committed approximately $3 million in loans and financing from the Special Needs Housing Trust Fund for the project.
“The rehabilitation of this building is a wonderful opportunity to save a magnificent masonry building and also create high-quality affordable apartments to serve the housing needs of the people of Newark,” said Acting Commissioner Constable, who is Chair of the HMFA. “I am pleased that my Department – through financing at the HMFA – was able to provide major financial support for this project.”
Apartments@Harmony Square provides a total of 16 affordable units for individuals and families. Ten have been set aside as Special Needs units for homeless survivors of domestic violence and young single mothers. The building, which is located at 98-102 Broad Street in Newark, includes laundry, community and fitness rooms, as well as security monitors in each apartment so that tenants can view the building’s perimeter and guests in the vestibule.
The building, which dates to the early 1900s, had been abandoned and boarded up for many years. Everything within the four outside walls was demolished and removed. The outside walls themselves and the façade, which features beautiful architectural detailing, were preserved and restored. Green building elements were incorporated in the construction and solar panels were installed on the roof to provide solar energy for the building’s common areas.
“I am so pleased that the HMFA was able to be a part of Apartments@Harmony Square, which is a great asset to the community and a standing symbol of renewal,” said HMFA Executive Director Anthony Marchetta. “Most importantly, this project provides families with bright, spacious apartments they can be proud to call home.”
M & M Development LLC, a Newark-based housing construction firm that specializes in affordable housing, developed the affordable housing building. Aside from the HMFA, Essex County, the City of Newark, Brick City Development, Valley National Bank, and the Newark Housing Authority also contributed resources to the project. The Newark Housing Authority will provide ten project-based Section 8 vouchers to operate the Special Needs apartments.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.