Newark Affordable Apartment Complex Will Soon Have Preschool As Primary Tenant

NEWARK, NJ — An apartment for $604 in Newark? That’s what the new “affordable residential” apartment complex at 999 Broad Street will offer several local residents, according to developers.

On Monday, county and city officials gathered for a ribbon-cutting ceremony at the five-story, mixed-use building, which features 87 apartment units, 47 of which are reserved for low- and moderate-income households, plus 6,500 square feet of retail space.

Subsidized monthly rents start at $604 for a one-bedroom unit and run up to $1,292 for three-bedrooms, a company news release states.

The building is now at full-occupancy; residents of 999 Broad completed their move-ins last week.

In the coming weeks, a preschool run and managed by the state’s oldest, African-American, social-service agency, the Leaguers, will join 999 Broad as the primary, ground-floor tenant, developers stated.

The new, LEED Platinum-certified apartment complex was built on land formerly occupied by an “abandoned and unsightly postal service facility” on the corner of Broad and West Kinney Streets, developers stated.

Additional building features include a fitness center, private on-site parking, laundry facilities, a community room and a second-floor garden terrace.

According to a news release, the $21 million in financing for 999 Broad was made possible by the federal four percent Low-Income Housing Tax Credit Program, financial contributions from the New Jersey Housing and Mortgage Finance Agency, TD Bank, the County of Essex Division of Housing and Community Development and the City of Newark, with approximately $1.3 million in contributions from the city’s HOME Program.

Photo: Impact Consulting Enterprises

Send local news tips, photos and press releases to eric.kiefer@patch.com