Financing Secured for Affordable Housing Project in Newark

In addition to providing affordable units for residents, officials said 16 units will be reserved for homeless individuals and families. These units will be supported by project-based rental vouchers provided through the state Department of Community Affairs’ Housing Choice Voucher Program. The project will also be a recipient of 30 project-based rental vouchers from the Newark Housing Authority.

The wellness center proposed for the project is aimed to expand social services throughout the Fairmount neighborhood, providing outpatient medical care to residents.

“Supportive housing has never been a more critical component in the equation of health care than it is today, and we are pleased to join with our state and local partners to develop this project in the heart of Newark," said University Hospital President and CEO Shereef Elnahal. "This initiative will help us move more deeply into our long-term vision of chipping away at upstream social determinants of health while creating positive and lasting health outcomes for our neighbors."

The project comes to Newark as officials undertake efforts to address the city's stock shortage of affordable housing units. In summer 2021, Baraka announced plans to build 3,000 new homes across Newark’s five wards by 2026 and to create or preserve at least 6,000 affordable housing units for its lowest-income residents.

The project was developed under the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) Hospital Partnership Subsidy Program. Upon announcement of financing being secured for the project, NJHMFA Board Chair and Lt. Gov. Sheila Oliver hailed it as a benefit to the community.

“This financing is a tremendous step forward for a project that will have a lasting impact on area residents in finding and keeping affordable, supportive housing in the proximity of University Hospital,” said Oliver.

Central Ward Councilwoman LaMonica McIver said she looks forward to the project's completion, noting that it will have a lasting impact on current and future residents. 

“This project has been designed with our community's needs in mind, bringing much-needed affordable housing and important health services to our Fairmount neighborhood,” said McIver.

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published this page in News and Politics 2022-03-05 03:21:04 -0800