|For Immediate Release:||Contact:|
|May 29, 2012||Lisa Ryan
Christie Administration Marks Grand Opening of 56-Unit Affordable Housing Community in Newark
NEWARK, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined Newark Mayor Cory Booker, city officials and representatives of the HELP Development Corporation and Make It Right Foundation to celebrate the grand opening of Clinton Hill Apartments, an affordable housing community for military veterans and low-income families located at 634-648 Clinton Avenue in Newark. The HMFA, an affiliate of the NJ Department of Community Affairs, awarded $1.6 million in federal tax credits to assist with the project’s development and construction.
“Unfortunately, many of the homeless in our communities are military veterans who have fought for our country only to find no one fighting for them and their needs. This project will help some of our veterans move into safe, affordable housing befitting their service,” said DCA Acting Commissioner Richard E. Constable, III. “We thank everyone who was involved in making Clinton Hill Apartments the success that it is.”
Clinton Hill Apartments, located in Newark’s South Ward neighborhood, includes 56 permanent affordable apartments which will provide housing to a minimum of 14 disabled veterans. To further help subsidize the affordability of these units, HELP Development Corporation has been awarded fourteen Section 8 vouchers from the Newark Housing Authority and will work with the East Orange VA Medical Center to make these available to income eligible veterans.
The 4-story building features 14 one-bedroom, 20 two-bedroom, and 22 three-bedroom units with rents affordable to residents earning no more than 50% of area median income. Additionally, there is on-site parking and a community service room for the use of residents, the public at large, HELP’s mentoring program (Mentoring USA), and other social service programs. The Make It Right Foundation contributed its design and sustainability expertise to ensure that the highest level of green features was incorporated into the building’s development and construction.
“Clinton Hill Apartments is worthy of recognition not only for providing affordable apartments to military veterans who have served our country, but also for its contribution to neighborhood revitalization,” said HMFA Executive Director Marchetta. “I am pleased the HMFA was able to contribute to this exemplary project, which will also provide our veterans with services aimed at helping them overcome barriers, such as physical disabilities and substance abuse, to lead independent lives.”
The HMFA awarded $1.67 million in federal Low Income Housing Tax Credits to HELP Development Corporation. The credits generated close to $11.7 million in equity for the Clinton Hill Apartments project. In addition, the project received an award of $3.16 million from the federal Neighborhood Stabilization Program (NSP II).
HMFA is the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax Credits are a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market. The credits are sold to an investor by the developer who then, through equity from the sale, is able to take out a smaller mortgage to help build the project and is thereby able to charge more affordable rents. Currently, there are more than 500 projects statewide in HMFA’s portfolio that contain over 32,000 tax credit housing units that were developed with the help of Low Income Housing Tax Credits.
New Jersey is annually allocated approximately $18 million in low housing income tax credits. The sale of the credits produces over $162 million in project equity.
HELP Development Corp. is an affiliate of HELP USA, Inc., a national not-for-profit organization with a mission to empower the homeless and others in need to become and remain self-reliant. Founded by Andrew Cuomo in 1986, it has grown to become one of the largest builders and operators of service-enriched transitional and low-income permanent housing in the nation.
Make It Right Foundation, founded by actor Brad Pitt, is known for its commitment to architectural design and high levels of sustainability through its extensive housing construction in New Orleans in response to Hurricane Katrina.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.state.nj.us/dca/hmfa/.