Officials in New Jersey’s largest city are looking to move forward with an initiative to bring additional housing for current residents.
The City of Newark is currently accepting proposals from developers as part of the Affordable Newark Program, the preliminary details of which were announced in May.
A request for proposals that was issued by Newark’s municipal government says that this project aims to serve “average Newark families earning income at $32,000 and below.”
In order to facilitate this $20 million effort, partnerships are being sought with for-profit companies or non-profit organizations “with the qualifications and capacity to develop affordable housing projects targeting extremely low-income households” for the next 20 years or more.
The RFP notes that proposed projects with a minimum of two bedrooms per unit are preferred and that developments can be mixed-income, though municipal funds can only be used to create residential units serving people who make up to 30 percent of the area median income.
The municipal government says that they will determine who will be able to receive funding based on the development team’s experience, where their proposed projects would be built, whether the projects are financially feasible and ready to go, and whether the RFP’s intentions are met.
Submissions are due at Newark City Hall by July 30.