NEWARK, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives of RPM Development Group to celebrate the grand opening of 60 Nevada, a 75-unit affordable housing development, and the groundbreaking of its 87-unit mixed-use, mixed-income counterpart, 999 Broad.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided 60 Nevada with Agency financing, and awarded $2.9 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM) program, which provides zero-interest and low-interest loans to housing developers to finance affordable housing development in the nine counties the federal government determined were most impacted by Superstorm Sandy.
The HMFA also approved the $20.5 million project for the competitive 9% federal Low Income Housing Tax Credits (LIHTC) of up to $13 million over ten years, generating approximately 65 percent of the total development cost. 999 Broad also received HMFA financing, and was awarded $3.4 million in Sandy recovery funds through the FRM program. The $20.9 million project also anticipates receiving federal LIHTCs later this year.
"We are extremely pleased to help support the 60 Nevada and 999 Broad projects, which will provide affordable housing opportunities for working families, including those impacted by Sandy," said DCA Acting Commissioner Charles Richman, whose department administers many of New Jersey’s Sandy recovery initiatives. "These projects will also benefit the communities in which they are located and New Jersey as a whole by creating jobs, generating local and state taxes, and spurring economic growth in the local economy."
During the first 90 days of lease-up at 60 Nevada and 999 Broad, priority for residency will be provided to Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage. 60 Nevada is now accepting apartment applications for available units. Individuals who are interested in applying for a housing unit may contact leasing office Springfield Senior Management at (973) 744-5410, ext. 180 or email Nevada@rpmdev.com for further details.
60 Nevada is the first phase of a two-phase redevelopment effort that consists of a newly-constructed contemporary four-story building that adaptively reuses an abandoned, underground parking garage formerly used by the U.S. Postal Service. It consists of 8 one-bedroom units, 48 two-bedroom units, and 19 three-bedroom units, for a total of 75 units. Five of these units are set aside for individuals with special needs. Each apartment features stainless steel ENERGY STAR appliances, open floor plans, sustainable low-VOC finishes, and high-efficiency heating, cooling, and lighting fixtures. The LEED Platinum certified-building features amenities including a green garden terrace, secure, on-site parking spaces, laundry facilities, a beautiful community room, and a wide range of social services administered by an on-site social services coordinator.
Just next to 60 Nevada, project developer RPM Development Group will begin to build 999 Broad, the second phase of the two-acre redevelopment. This phase will consist of a five-story mixed-use, mixed-income building with 87 residential units. The building, which will also be built to LEED standards, will include 47 units of affordable housing and 40 units of market rate housing, and approximately 6,500 square feet of ground floor retail on Broad Street.
“This redevelopment effort transforms a formerly blighted site in Newark’s downtown, and delivers significant social benefits and new investment to the city. It will provide new energy-efficient homes to working class families as well as those affected by Sandy,” said HMFA Executive Director Anthony L. Marchetta. "Additionally, the federal Low Income Housing Tax Credits program, which helped finance this project, is the nation’s most successful mechanism for the production of affordable housing and creates jobs and tax ratables for our cities and municipalities.”
HMFA estimates that the two buildings, which collectively cost approximately $41.4 million to develop, will generate approximately $65.6 million in one-time economic output and create approximately 393 direct and indirect/induced full-time jobs and $2.4 million in state and local taxes. Once completed, the two buildings will continue to add value to the community by providing more than $7.3 million in ongoing economic output, 41 direct and indirect/induced full-time jobs annually, and approximately $414,000 in state and local taxes. Other funding sources for 60 Nevada and 999 Broad have included the City of Newark.
Project developer RPM Development Group is a leading developer of affordable housing in New Jersey with a track record of building high performing green buildings, and a goal to provide quality housing while aiming to improve neighborhoods.
To date, the HMFA has approved FRM funding for 54 affordable housing developments in the nine most impacted counties of which 30 developments are in the hardest hit counties of Atlantic, Monmouth and Ocean.
Sandy-impacted residents can learn more about these affordable housing projects by visiting the New Jersey Housing Resource Center at www.njhrc.gov. The database is free and easy to use. On the homepage, individuals can click on Priority Housing for Sandy-Impacted Residents. The page that opens will display a list of available housing opportunities throughout the nine most impacted counties. The list includes such information as where projects are located, total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and date applications are being accepted. New information is regularly being added as it become available.
For more information on HMFA programs, including the Fund for Restoration of Multifamily Housing, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.
View NJTV's video segment on this event on YouTube here: https://youtu.be/pMj8lTox9x0