Last week, a ribbon-cutting was held in Newark to celebrate the completion of a large-scale affordable housing rehabilitation project.
The 21-story building, 440 Washington Street, was built in the 1970s and holds 200 apartments that will be made available for working families in Newark’s Central Ward. This includes 149 units for residents who have incomes up to 50 percent of the area median income, 50 units for residents who have incomes up to 60 percent of the area median income, and one unit for a superintendent.
The building includes one-, two-, and three-bedroom apartment units.
Rehabilitation of 440 Washington Street included new bathrooms and kitchens, updated lighting, new windows, and the installation of baseboard heating. The electrical and security systems were updated, the roof and façade were repaired, and the lobby was redesigned. A new fitness room was also created for resident use.
The project was co-developed by BRP Companies and the St. James A.M.E. Development Corporation, and the ceremony included executive staff from the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
The development was awarded four percent Low Income Housing Tax Credits by the NJHMFA which provided $17.4 million in financing for construction and permanent financing, along with $8.6 million in private equity.
Lt. Governor Sheila Oliver serves as both Commissioner of the Department of Community Affairs and chair of the NJHMFA board
“This renovation is a tremendous quality of life investment for hundreds of Newark’s working-class residents and is helping to revive our neighborhoods,” said Lt. Governor Oliver. “Governor Murphy and I are pleased to dedicate the necessary resources for maintaining and supporting high-quality affordable housing and rental assistance for those who need it the most.”
“This project modernized and preserved housing that will continue to be affordable for working families in the heart of the city and helps to reinvest in and grow the community,” said Charles A. Richman, NJHMFA Executive Director. “It also is located in a redevelopment area that is revitalizing the neighborhood and boosting the local economy to help create a stronger New Jersey.”
The rehabilitation follows last month’s construction of 60 affordable apartments at Somerset Brownstones. 440 Washington Street is also not far from the Willows at Symphony Hall, which holds 60 affordable units.
For information on availabilities, call 973-643-3128 or email [email protected].
