May 8, 2014 Christie Administration Marks Grand Opening of Condominiums @ Harmony Square I in Newark
Christie Administration Marks Grand Opening of Condominiums @ Harmony Square I in Newark
Condominium Community Provides 24 Affordable Homeownership Units for Working Families
Newark, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta joined local officials and community leaders to celebrate the grand opening of Condominiums@Harmony Square I, a 24-unit newly constructed condominium community located on Broad Street in Newark, Essex County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided the project approximately $3.1 million combined in a construction loan and a subsidy allocation under the Choices in Home Ownership Incentives Created for Everyone (CHOICE) Program.
“As a result of this attractive condominium community, high-quality affordable homes are now available to serve the housing needs of the people of Newark and beyond,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “I am pleased that my Department – through financing at the HMFA – was able to provide major financial support for this project.”
The project, which cost approximately $6.14 million to develop, will not only provide affordable housing opportunities for New Jersey families, but also will continue to have a positive economic impact on Newark and Essex County. HMFA estimates that the project generated approximately $9.7 million in one-time economic output and created approximately 58 full-time jobs during construction. Now completed, the project will continue to add value to the community by generating more than $325,000 in ongoing economic output and six full-time jobs annually. Other funding sources for the development of Condominiums@Harmony Square I included Newark HOME Funds.
Condominiums@Harmony Square I consists of a newly-constructed, five-story condominium building with twenty units and two two-family buildings, providing a total of twenty-four homes. The condominium building includes 12 one-bedroom units, 4 two-bedroom units, and 4 three-bedroom units. The four condominiums in the two-family buildings each include three bedrooms, two bathrooms, and a two-car garage. The project features amenities such as a roof garden, fitness center and a club house.
“I am so pleased that the HMFA was able to be a part of Condominiums@Harmony Square, which is a great asset to the community and a standing symbol of renewal,” said HMFA Executive Director Marchetta. “Most importantly, this project provides families with spacious, energy efficient condominiums they can be proud to call home.”
Many energy efficient features are part of the development, including hardwood floors certified by the U.S. Forest Stewardship Council, high-efficiency HVAC systems, energy-rated appliances, water-conserving bathroom fixtures, Energy Star-rated windows and lighting fixtures.
The property is located in the northeastern portion of Newark near Newark Liberty International Airport, New Jersey Performing Arts Center, Prudential Center, and Branch Brook Park. It is also part of the North Ward and the Central Ward Redevelopment Area of Newark, which is in a Smart Growth Area.
The project includes nine affordable deed-restricted units that are priced between $73,000 and $175,000, and are available to households with incomes at or below 60% – 80% of the Area Median Income (AMI). There are also 15 emerging market units priced between $151,995 and $225,000.
The HMFA approved a mortgage commitment of approximately $1.4 million in permanent financing for the project, and a CHOICE subsidy allocation of $1.7 million was awarded to the developer. The CHOICE Program provides subsidy and construction financing for the development of affordable for-sale housing units. It funds the creation of housing which meets the diverse economic development needs of New Jersey’s towns and cities.
The second and last phase of this project will consist of 16 affordable apartment units, 10 of which will receive project-based Section 8 housing vouchers and will be set aside for individuals with special needs, and six of which will be emerging market units.
For more information on HMFA programs, please visit www.njhousing.gov.