Newark Affordable Housing Project Gets Funding Boost

NEWARK, NJ — A fresh wave of national real estate funding will help build an affordable housing project in Newark.

Enterprise Community Partners recently announced the closing of two new affordable housing funds totaling $526 million. With combined commitments from 20 investors, Enterprise Housing Partners Funds 44 (EHP 44) and Enterprise Preservation Fund V (Fund V) are expected to help create or preserve more than 6,300 homes across the country.

“With the support of our partners, these housing credit and preservation funds will bring critically needed homes to communities across the country—and at prices families can actually afford,” said Lori Chatman, president of Enterprise’s Capital Division.

The national nonprofit said that EHP 44’s investments include South 11th Street: New Jersey’s first LIHTC allocation awarded to a Black woman developer, Adenah Bayoh. Read More: Apartments In Newark Would Be A ‘First’ For Black, Women Developers

According to a news release, the four-story building will bring 40 total new units to Newark: one super’s unit (providing free housing to the super of the building) and 39 units reserved for residents earning 60 percent or less of the area median income (AMI). Eight of those units will be specifically dedicated to people who have experienced homelessness.

The YMCA of Newark and Vicinity and Brick Education Network will provide on-site programming and resources for residents, like child care, counseling, and health/fitness classes. Community spaces include covered and uncovered parking, a gathering room with a kitchen, and an outdoor playground.

The project recently broke ground this summer.

Bayoh – the principal of Foya Development Group LLC and partner of Enterprise’s racial equity initiative “Equitable Path Forward” – has been making a name for herself as a developer of affordable housing in Newark.

The accomplished restaurateur and landlord grew up living in public housing and attended public schools in Newark. See Related: Weequahic HS Alum, Business Owner Making Her Mark In Newark

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