In Newark: New Affordable Housing Complex Opens on Nevada Street

Newark city officials recently announced that the RPM Development Group will soon be opening “60 Nevada,” a 75-unit affordable housing development located at 60 Nevada Street.

RPM also began construction on an 87-unit, mixed-use, mixed-income project at 999 Broad Street, city officials stated.

According to a release, the 60 Nevada building is a four-story, $20.5 million, LEED platinum-certified structure, which will offer 75 affordable housing units available to Newark families that earn 60 percent of the “area median income.” The building will include eight one-bedroom units, 48 two-bedroom units, and 19 three-bedroom units, with five of the units reserved for homeless members of the community.

The release stated that 999 Broad will be a LEED-certified, $21 million project, which will consist of 87 units, 47 of which will be designated for low-income renters and 40 of which will be market rate. The building will also provide 6,500 square feet of ground floor retail on Broad Street.

Both buildings will have high-efficiency heating, cooling, and lighting fixtures, green garden terraces, secure, on-site parking, laundry facilities, and social services administered by an on-site coordinator.

According to a release, the City of Newark provided gap financing from its HOME program to both projects. Additional financing for 60 Nevada was provided by the New Jersey Housing & Mortgage Finance Agency, The Richman Group, and CapitalOne.