Genesis Companies recently announced the completion of its refurbishment of Vista Village Apartments.
Located at 70 South Burnet Street in East Orange, New Jersey, the 180-unit property provides affordable residential accommodation for seniors and adults with disabilities. Several units were converted to meet the needs of residents with disabilities.
The building’s renovations included system updates, full-unit kitchen and bathroom remodels, new windows, flooring, and more. They were undertaken in partnership with the East Orange Housing Authority (EOHA).
The nine-story former public housing development was approved for the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. All residential units in the project will be subsidized through the Project-Based Section 8 program.
“Across the tri-state region affordability remains a critical issue, particularly with residents who require additional services and support. This public-private partnership provides a framework for future developments,” said Karim Hutson, Founder and Managing Partner at Genesis Companies. “We are proud that this maintains the long-term affordability of the Vista Village Apartments and furthers our mission of keeping urban communities accessible for everyone, including New Jersey’s senior and adults with disabilities populations.”
“This redevelopment, part of our ‘Building Homes, Changing Lives’ program, will greatly enhance the quality of life for the property’s residents and provide services that are too often overlooked,” said Wilbert Gill, Executive Director of the East Orange Housing Authority. “As we continue to create new solutions to maintain affordability for all our residents, partnerships with companies like Genesis Companies are more important than ever.”
The partnership between Genesis Companies and East Orange Housing Authority works to ensure long-term affordable accommodation is available for those in need. ETC Companies partnered with Genesis as the project’s general contractor while DMR Architects served as the architect of record for the project.
Financing for the project’s restoration was originated by the New Jersey Housing and Mortgage Finance Agency, Low-Income Housing Tax Credit equity from the sale of 4% tax credits, Replacement House Factor, Public/Housing Capital Funds, seller note from building owner, the East Orange Housing Authority, and construction and permanent financing in the form of a Citibank, N.A. term loan originated through a conduit tax-exempt bond structure with the Agency.
Genesis Companies is a full-service real estate development firm founded in 2004 which specializes in financing, developing, and operating mixed-income and mixed-use residential projects.
