Page 27 - RE-NJ

EDA APPROVES TAX CREDITS FOR NEWARK, UNION CITY PROJECTS
Developers are poised to bring new affordable senior housing to Newark and Union City with the help of a combined $33.9 million in tax credits approved under the state’s Aspire program.
The subsidies, which were approved in late July by the Economic Development Authority, include up to $8.9 million for a 69-unit project at 91- 97 Chapel St. in Newark’s Ironbound neighborhood. State officials say
the Terrell Homes project will be a multiphase redevelopment of the Mildred E. Terrell Homes complex owned by the Newark Housing Authority, which has entered a ground lease with Terrell Redevelopment Partners Urban Renewal LP.
Meantime, the EDA’s board approved up to $25 million in Aspire tax credits for RPM Development LLC to build a six-story, 101-unit affordable senior housing building at 720 8th St. in Union City. The project, which will include one- and two-bedroom homes, will redevelop a surface parking lot between Summit and Central avenues, while creating two levels of garage parking and two ground-floor retail spaces.
The approvals are the latest under the recently launched Aspire program, which aims to provide gap financing for mixed-use, transit-oriented developments by commercial and residential builders. All residential Aspire projects must include at least 20 percent affordable housing.
“Through the Aspire Program, the NJEDA is
investing in
communities,
uplifting families
and expanding
access to
affordable,
quality housing
to meet (Gov.
Phil Murphy’s)
goal of creating a stronger, fairer New Jersey,” said Tim Sullivan, the authority’s CEO. “The affordable, mixed-use projects that were approved today will help transform neighborhoods in Newark and
Union City, and provide new, prime housing options for each city’s senior residents.”
The EDA noted that the Terrell Homes building will consist of 69 one- and two-bedroom units reserved
for seniors age 55 and older, with 28 on-site parking spaces. The project’s co-applicant, nonprofit Chapel
Street Aspire LLC, will offer on-site services for residents including health and wellness screenings, social engagement activities and shuttle service for shopping.
The authority added that the $8.9 million Aspire award represents 31.8 percent of eligible project costs of $28 million.
“When we created the Aspire
Program it was with the intention of facilitating greater investment in our communities,” said Senate Majority Leader Teresa Ruiz, a Democrat based in Essex County. “This project will
do just that, developing affordable housing for our seniors, with vital wraparound services on site. As we face housing shortages and rising rents, projects like this are critical
to uplifting our communities and ensuring older residents have suitable places to live within their budgets.”
Assemblywoman Eliana Pintor-Marin, who represents the same district, added: “Through the Aspire program, we’re building more than just housing; we’re cultivating communities where our seniors can thrive. In Newark and Union City, we’re addressing needs that strengthen the fabric of our neighborhoods, ensuring a brighter and more equitable future for all.”
RPM’s project in Union City will also include one- and two-bedroom units, the EDA said. Similarly, the firm
is partnering with a nonprofit, Life Management Inc., to provide on-site services for residents that include helping developmentally disabled and formerly homeless residents.
Moreover, the development will comply with the federal government’s Energy Star Homes Program, which also satisfies the EDA’s green building standards, according to a news release. The authority added that the $25 million subsidy award translates to 53.7 percent of eligible project costs of $46.8 million.
Mayors of both Newark and Union City praised what will be infusions of new affordable housing for seniors.
“The Terrell Homes project represents our highest aspiration to provide comfort and security to the elders
of our community,” Newark Mayor Ras J. Baraka said. “By incorporating
RPM Development is slated to build a six-story, 101-unit affordable senior housing building at 720 8th St. in Union City.
Tim Sullivan
the anticipated health, social
and transportation needs of our seniors, this initiative is not just comprehensive and forward-thinking. This five-story building will provide 69 affordable, age-restricted units,
18 of them dedicated to permanent, supportive, housing for persons with physical difficulties. It is steeped
in respect and compassion for our parents and grandparents who have raised up all of Newark through their perseverance, sacrifice, energy and faith. Our city extends its heartfelt
gratitude to NJEDA for this wonderful opportunity for our seniors.”
The EDA also noted that the New Jersey Housing and Mortgage Finance Agency is supporting both developments with Low Income Housing Tax Credit allocations. It added that, to date, the authority’s board has now approved a combined $182.9 million in Aspire awards for residential projects, creating 806 affordable housing units and more than 1,000 overall.
TM 25
Courtesy: RPM
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