NEWARK, N.J. - New Jersey Housing and Mortgage Finance Agency (HMFA) celebrated the groundbreaking of the Lofts at Lincoln Park, a 24-unit affordable condominium community located in Newark, Essex County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), is providing approximately $1.4 million in construction financing for the project and $1.2 million through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) program.
“The Lofts at Lincoln Park will create high-quality affordable homeownership opportunities in Essex County, further revitalizing the Lincoln Park neighborhood,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “This project will enable our state’s low- and moderate-income families to build wealth and assets in the City of Newark.”
The project, which will cost approximately $5.2 million to develop, will not only provide affordable homeownership opportunities, but will also have a positive economic impact on the greater Essex County community. HMFA estimates that the project will generate approximately $8.2 million in one-time economic output, approximately 49 direct and indirect/induced full-time jobs, and $301,000 in state and local taxes during construction. Upon completion, the project will continue to add value to the community by providing approximately $919,000 in ongoing economic output, 5 direct and indirect/induced full-time jobs annually, and approximately $52,000 in state and local taxes.
The development will consist of a four-story, newly-constructed condominium building with 24 two- to three-bedroom units, each with two full baths. Additionally, some of the units will have their own terraces. All residences will be for-sale units, ranging from $152,000 to $159,000. There will also be two indoor community rooms and parking on the ground level.
“HMFA is so pleased to contribute to the financing of the Lofts at Lincoln Park, which reflects HMFA’s mission to increase the availability and accessibility of safe, decent, and affordable housing to families in New Jersey,” said HMFA Executive Director Marchetta. “This project was funded through the agency’s CHOICE program, which provides subsidy and construction financing for the development of single-family, for-sale housing units that meet the diverse economic development needs of New Jersey’s towns and cities.”
The project developer is Lofts at Lincoln Park Urban Renewal LLC.
For more information on HMFA programs, visit www.njhousing.gov