160 First St. is party of a two-building, 60-unit mixed-income housing development in Elizabeth — Courtesy: HACE/Genesis Cos.
By Joshua Burd
A public-private partnership has unveiled a new 60-unit, mixed-income housing development in Elizabeth, providing new units for formerly homeless individuals and other city residents.
Its developer, Genesis Cos., debuted the project at 160 First St. and 200 Third St. as part of a joint venture with the Housing Authority of the City of Elizabeth, or HACE. The firm completed the $18 million complex in late September, delivering a mix of one- and two-bedroom homes across a pair of four-story elevator buildings.
All units at what’s known as E’Port Family Homes will be priced for 60 percent of the area median income or below, according to a news release. What’s more, 15 of the apartments have been reserved for the formerly homeless, while the housing authority and Bridgeway Rehabilitative Services will provide supportive services.
“Not only does this new development once again improve the city’s oldest neighborhood, but it also supports Elizabeth’s Go Green efforts, leading our residents to a more healthy, efficient and environmentally friendly life,” Elizabeth Mayor J. Christian Bollwage said. “I have been excited about this project’s completion and would like to thank the Housing Authority of the City of Elizabeth, Genesis Companies and all of our partners involved in this project.”
The development team financed the project with roughly $13 million from the Low-Income Housing Tax Credit Program, $900,000 from the Federal Home Loan Bank and $3.55 million in debt financing from Citigroup, the news release said. The partnership also built E’Port Family Homes to what’s known as Enterprise Green Communities standards for sustainability, seeking to make investments that help address climate change and prioritize residents’ health.
“Genesis has a longstanding commitment to working with housing authorities to activate and optimize their properties for their residents,” said Karim Hutson, the firm’s founder and managing member. “This project underscores how vital public-private partnerships are for us to make significant impacts in the communities in which we live and work.
“I’m grateful for our team and their decades of experience in developing a financing structure that successfully leverages several public and private financing tools, and we are thankful for HACE and other key partners for their efforts to create these new affordable homes.”
The city’s housing authority is responsible for more than 1,350 units of public housing and delivers social, economic, educational and redevelopment services across Elizabeth.
“We are extremely excited to announce our next affordable housing project in Elizabethport,” said William D. Jones, executive director of HACE. “This initiative continues our commitment to the revitalization of this neighborhood. We salute our partners, Genesis Companies and the city of Elizabeth in helping to bring this project to fruition.”
