Financing for Newark Genesis Apartments has been Completed

16:29PM on June 02 2009

HELP USA has recently completed the financing for Newark Genesis Apartments an innovative HELP USA project that will play a key role in the revitalization of Newark's North Ward. The project includes 51 units of affordable housing and 2,000 square feet of community service space; the majority of the residential units will provide rental housing for low-income families. It will also provide permanent housing for HIV-positive clients that currently reside in a continuing care facility operated by Broadway House, a program of the University of Medicine and Dentistry of New Jersey.  Moreover, Newark Genesis Apartments is a ‘green' building that will meet the standards for LEED certification and will feature significant energy-efficient design elements including a green roof.

The families residing at Newark Genesis Apartments will receive case management and employment services provided both by HELP staff and local providers.  The community center will host Mentoring USA, an affiliate of HELP USA that provides high quality mentoring relationships to some of the nation's most vulnerable youth, and will also feature the Joan Hornig Art & Design Center. The programs to be offered through HELP's community center are designed to meet the needs of both HELP's tenants and the residents of the North Ward.  

HELP USA has secured $16.8 million in funding for the project, including $1 million in sponsor equity provided to HELP by the Philadelphia Soul Charitable Foundation, Kenneth Cole Productions, and Coty.  HELP has received Low Income Housing Tax Credits for the project through the New Jersey Housing and Mortgage Finance Agency (HMFA); the tax credits have been purchased by the Bank of New York Mellon which is also providing the construction loan for the facility.  The State of New Jersey has also funded the project through the Balanced Housing Fund and Special Needs Housing Trust Fund.  The City of Newark has provided HOME funds for the project, and 24 Section 8 housing vouchers have been dedicated to the project by the Newark Housing Authority.  Additional funding for Newark Genesis Apartments has been received from the Federal Home Loan Bank.

Construction of HELP Newark began early in 2009; apartments will be ready for occupancy in December 2009.