241-Unit Development With Affordable Housing Set-Aside Proposed in Newark

“To support the future of our cities, we need a variety of housing options serving affordable, workforce and market-rate renters," said Brett Meringoff, managing partner of Development at Fairstead. "Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities."

The development would be constructed as part of the state's Clean Energy Program to minimize energy consumption and is expected to achieve LEED Silver certification. The building is proposed to feature a range of amenities including a resident lounge, in-unit laundry, fitness center, package room, bike room, and rooftop green space. 

The recently proposed project falls in line with Fairstead and LIHC's effort to preserve 691 units of low-income housing in Newark. Fairstead and LIHC are investing $27 million for sustainable renovations and improvements, as well as on-site support services, at 1060 Broad St., Essex Plaza’s 450-apartment affordable senior housing building. Renovations are already underway, with seniors moving into apartments with new kitchens with sustainable appliances, new bathrooms, flooring, fresh paint, and more.

Additionally, Fairstead and LIHC officials plan to propose additional new developments for a total of more than 400 new mixed-income apartments in Newark. 

"The sheer depth of the affordable housing crisis requires that our industry use every available lever," said Andrew Gendron, principal at LIHC Investment Group. "We must build and also preserve, and we must achieve greater affordability for low-income families and seniors while providing options for renters who increasingly find themselves priced out of the middle market."

The project will be on the receiving end of some assistance from Newark officials as well. Upon announcement of the Orchard Street project, Newark City Council President Luis Quintana said he would work with Fairstead to bring more affordable housing to seniors and working families.

"This helps our renters who are so in need and brings investment to the Newark community,” said Quintana.

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published this page in News and Politics 2022-05-06 03:29:58 -0700