Oct-27-2009 HMFA Breaks Ground on 24-unit Affordable Condominium Community in Newark
HMFA Breaks Ground on 24-unit Affordable Condominium Community in Newark
NEWARK - New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia joined local officials and community leaders to break ground on Condominiums@Harmony Square, a 24-unit affordable housing community located at 105 Broad Street in Newark. The HMFA, an affiliate of the Department of Community Affairs, is providing approximately $3.1 million under its mortgage and Choices in Home Ownership Incentives Created for Everyone (CHOICE) programs.
"The HMFA is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families in New Jersey and this project does just that," said HMFA Executive Director Della Vecchia. "This project will help meet the demand for newly constructed housing in Newark and help revitalize one of the city's redevelopment areas."
Condominiums@Harmony Square will include a new five-story building featuring 20 condominiums and two smaller buildings containing two condominiums apiece. All 24 condominiums will be homeownership units, which will range from one bedroom/one bathroom to three bedroom/two bathroom. The project will include amenities such as a roof garden, fitness center and a club house. It will also include such energy-efficient features as hardwood floors certified by the Forest Stewardship Council, energy rated appliances, water conserving bathroom fixtures, and Energy Star-rated windows and lighting fixtures.
Nine affordable deed-restricted units will be priced between $73,000 and $175,000, and will be available to households with incomes at or below 60 percent to 80 percent of the area median income. There will also be fifteen emerging market units priced between $151,995 and $225,000.
The project is part of Newark's North Ward and the Central Ward Redevelopment Area with nearby amenities such as the Newark Airport, New Jersey Performing Arts Center, the Prudential Arena and Branch Brook Park. Condominiums@Harmony Square is the first of two phases. Phase Two will include 16 affordable apartments.
The HMFA approved a mortgage commitment of approximately $1.4 million in permanent financing for the project, as well as a CHOICE subsidy allocation in an amount not to exceed $1.725 million. CHOICE provides subsidy and construction financing for the development of single family for-sale housing units. It funds the creation of housing that meets the diverse economic development needs of New Jersey's towns and cities.
The developer is M&M Development, a female-owned development company based in Newark that specializes in building affordable for-sale homes and rental units.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.