New Community Corp. (NCC) is ensuring the long-term preservation of 842 affordable homes in Newark, N.J.
The longtime community development corporation will revitalize the Sec. 8 apartments as part of a $160 million transaction. The homes are in four developments—New Community Commons, New Community Gardens, Douglas Homes, and Roseville Senior.
“Our residents will now be able to enjoy a renewed environment and have the assurance that their home will be preserved for many years to come, all while maintaining the services and facilities on which they rely heavily for everyday life,” says Richard Rohrman, CEO of NCC. “Our residents’ well-being is primary in achieving our mission, and we are thrilled with the outcome of this public-private partnership.”
Based in Newark, the 50-year-old organization provides affordable housing and delivers comprehensive programs and services in the community. It operates about 1,800 units of housing.
Working closely with the New Jersey Housing and Mortgage Finance Agency and the city of Newark, Greystone Affordable Development facilitated the recapitalization and rehabilitation financing for the deal.
Hudson Housing Capital provided $48 million in low-income housing tax credit equity, alongside $80 million in tax-exempt and taxable debt provided by Freddie Mac and Greystone’s affordable lending arm.
As part of the preservation activities, units across the four properties managed by NCC will receive approximately $60,000 each in extensive renovations, including substantial upgrades to both the interior and exterior of the buildings by Claremont Construction Group.
Greystone Affordable Development, an affiliate of Greystone & Co., is a development and transaction management group focused on the recapitalization, rehabilitation, and preservation of affordable housing throughout the United States. To date, the group has coordinated the rehabilitation and preservation of over 10,000 apartment units with thousands more in various stages of completion.
“The revitalization process at NCC serves as a model for how we can ensure the legacy of our city, and others like it,” says Ras J. Baraka, mayor of Newark. “Newark is making clear and measurable efforts to increase the amount of available affordable housing, and NCC’s contributions to serving the at-risk community is a critical component to the city’s future success.”