Work Started On $23M Newark Apartments With 60 Affordable Units

NEWARK, NJ — A new $23.1 million apartment complex in Newark’s North Ward will include 60 units of affordable housing, according to city officials.

On Wednesday, officials broke ground on the Carrino Plaza Apartments at 416-426 Broadway. When completed, the four-story building will provide 60 units of affordable housing in one, two-and three-bedroom apartments, as well as 6,000 square feet of retail space, a community room, laundry facilities and an on-site manager’s office.

Rents will range from $947 to $1,298, city officials said.

In addition, 10 of the units will be dedicated for residents with mental health needs. As part of a partnership aimed at supporting these residents, the Mental Health Association of Essex and Morris will provide supportive services to the development’s special needs residents, including case management, supportive counseling, money management/payee services, nursing services, nutritional counseling, living skills assistance and training.

The services will be funded through a variety of sources including the New Jersey Department of Human Services, Division of Mental Health and Addiction (DMHAS), and the Mental Health Association of Essex County, city officials said.

Construction of the apartment building is expected to be completed this December, the New York-based Regan Development Corp. stated.

For more information about the project, contact Regan Development at (914) 693-3011 or visit www.regandevelopment.com

The apartment complex will be located on the former site of the Boys & Girls Club at 416-426 Broadway in the city’s North Ward. It’s named after former City Councilman Anthony Carrino, who represented the ward for 28 years.

According to a city news release, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) provided $10.5 million in financing for the project from its Conduit Bond program, as well as $1 million from its Sandy Special Needs Housing Fund, which was created in the aftermath of Superstorm Sandy to provide low-interest loans to developers to build permanent, supportive housing for people with mental, physical and developmental disabilities. NJHMFA also awarded the project 4% Low Income Housing Tax Credits, which are expected to generate approximately $7.8 million in private equity.

Additional funding includes:

• $3.9 million in tax credits from the New Jersey Economic Development Authority’s Economic Redevelopment and Growth program
• $720,000 low-interest loan for property acquisition from the City of Newark
• $7.78 million construction bridge loan from TD Bank
• U.S. Department of Housing and Urban Development and Love Funding Corporation Section 221(d)(4) funding loan of $7.9 million

“Carrino Plaza will enhance the ongoing revitalization of Newark, while providing much needed affordable homes for families who are working in and around Newark and contributing to the city’s dynamism,” said Lt. Governor Sheila Oliver, commissioner of the New Jersey Department of Community Affairs and chairwoman of the NJHMFA board.

“Importantly, this development also continues our collective efforts to provide supportive housing for people with special needs,” Oliver added.

Newark Mayor Ras Baraka said that the new apartment complex is a sign that the city’s new affordable housing ordinance is working… not just for residents, but for real estate developers.

“Our ordinance requires developers to set aside units as affordable housing, and developers are responding favorably to our legislation, seeing the moral and human value in creating such housing,” Baraka said. “This is an example to our nation on how to build housing with humanity.”

• See related article: Newark Creates 'Affordable Housing Czar' Post To Protect Renters
• See related article: Newark Affordable Housing Sold In South Ward, $15M Rehab Proposed

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