July-28-2011 DCA & HMFA Celebrate the James Moody Apartments Ribbon Cutting in Newark
DCA & HMFA Celebrate the James Moody Apartments
Ribbon Cutting in Newark
Project Provides 66 Affordable Housing Units in the Lincoln Park Sustainable Arts Community
NEWARK, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) representatives joined Newark Mayor Cory Booker and other local officials today to celebrate the completion of the James Moody Apartments, an affordable housing community, in the Lincoln Park Sustainable Arts Community located in Newark’s Central Ward. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided mortgage financing in the amount of $2.3 million and also awarded federal Low Income Housing Tax Credits and Tax Credit subsidies for the project.
"The DCA and HMFA are proud to be involved in projects such as these because they create high-quality affordable housing for those New Jersey households who need it," said DCA Commissioner Lori Grifa, who is also Chairman of the HMFA. "James Moody Apartments represents not just an expansion of affordable housing options in the Newark area, but it will serve as an asset to the surrounding community."
James Moody Apartments consists of four buildings. Three of the buildings are new construction, and the fourth building is a combination of new construction and a preserved historic facade. The buildings are spread throughout Newark's Central Ward and provide a total of 66 affordable apartments, of which 13 are one-bedroom, 32 two-bedroom and 21 three-bedroom. All of the units feature Energy Star appliances, natural surfaces made from recyclable materials and bamboo flooring. Also included are 55 off-site parking spaces for the residents. All of the apartments are for family households that earn no more that 50% of the Essex County Median Income.
"The HMFA is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing for families in New Jersey and this project does just that," said HMFA Executive Director Anthony L. Marchetta. "James Moody Apartments help meet the demand for newly constructed housing in Newark and help revitalize one of the City’s redevelopment areas."
The project was developed by Lincoln Park Coast Cultural District (LPCCD) and MBI Development, an affiliate of the Ingerman Group. LPCCD's mission has been to create an urban eco-village in Newark. It has led a multi-year neighborhood participatory planning process, which incorporates a vision of a green arts and cultural district that includes live-work spaces, community programs, and additional open space. Ingerman Group has been building award-winning affordable housing projects for over two decades, using state-of-the-art architectural design and cost effective and efficient construction.
The HMFA provided approximately $2.3 million in mortgage financing for the project and awarded federal Low Income Housing Tax Credits, which will generate approximately $8.7 million in private equity. The project also received approximately $9 million in subsidy from the Tax Credit Assistance Program (TCAP) and the Tax Credit Exchange Program (TCX) that were made available to the HMFA through the federal American Recovery and Reinvestment Act of 2009.
HMFA is the administrator of federal housing 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. TCAP and TCX funds were designed to activate affordable housing construction stalled by the economic downturn.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to http://www.nj-hmfa.com.