June 25, 2012 - Christie Administration Marks Grand Opening of Richardson Lofts in Newark
CHRISTIE ADMINISTRATION MARKS GRAND OPENING OF RICHARDSON LOFTS IN NEWARK
Project Provides 67 Affordable Housing Units, Three for Newark Veterans
NEWARK, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined Newark Mayor Cory Booker, Essex County freeholders, and other local officials celebrated the grand opening of Richardson Lofts, an affordable housing community located on Columbia Street, in Newark (Essex County). The HMFA, an affiliate of the Department of Community Affairs (DCA), provided financing for this project and an allocation of federal Low Income Housing Tax Credits. Additional funding came from the DCA’s Neighborhood Preservation Balanced Housing Program.
“DCA and HMFA are pleased to support this worthwhile affordable housing project,” said DCA Commissioner Richard E. Constable, III, who is Chair of the HMFA. “The Richardson Lofts project is a prime example of how HMFA and DCA are assisting New Jersey’s most vulnerable populations through the development of permanent housing for low-income populations and military veterans.”
Richardson Lofts, the redevelopment of a former light industrial building, features 36 market-rate units and 31 units for households with incomes less than 60% of the American Median Income. This eight-story project contains two studio units, six one-bedroom units, and 59 two-bedroom units. Three units have been set aside for Newark veterans. Project amenities include a green roof, on-site laundry, covered private parking, and a community room. This transit village project is a few hundred feet away from the Prudential Center, City Hall, neighborhood restaurants and retail. This site is only a seven-minute walk to Newark Penn Station which offers access to New York City in less than 20 minutes via NJ Transit or the PATH.
“Richardson Lofts creates safe, decent, and affordable housing in close proximity to public transportation and jobs in Essex County,” said HMFA Executive Director Anthony L. Marchetta. “I am pleased that HMFA played a role in getting this project off the ground. This project truly represents our mission of increasing the availability of affordable housing for residents of the State.”
For the development of this project, HMFA provided a combination of funding that included $8.2 million in and permanent financing and an allocation of tax credits that generated $1.8 million in private equity through the Federal Low Income Housing Tax Credit Program. Funding was also provided through DCA’s Neighborhood Preservation Balanced Housing Program in the amount of $2.8 million, TD Bank, and the City of Newark through their HOME Funds.
HMFA is the administrator of federal tax credit programs for New Jersey. Low Income Housing Tax Credits are a dollar-for-dollar reduction in federal tax liability and act as a catalyst to attract private investment into the affordable housing market.
The DCA administers the Neighborhood Preservation Balanced Housing Program, which provides municipalities and for-profit and nonprofit developers with financial assistance needed to spur the development of affordable housing across the state. This program is funded by the New Jersey Realty Transfer Tax, which is collected on the sale of every non-exempt property within the State.
RPM Development LLC, the project developer, has developed approximately 2,000 affordable housing units in New Jersey. The company has received wide recognition for its efforts to assist in the revitalization of inner cities by renovating old, vacant and historic properties and developing abandoned vacant parcels in many communities in New Jersey.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or log on to www.nj-hmfa.com.