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NJHMFA Celebrates Ribbon Cutting of Rental Apartments Affordable to Families in Essex County
Home > Media Room > HMFA in the News > News 2018 > NJHMFA Celebrates Ribbon Cutting of Rental Apartments Affordable to Families in Essex County
For Immediate Release: Contact:
May 23, 2018 Tammori Petty
Lisa Ryan
609-292-6055
 

NJHMFA Celebrates Ribbon Cutting of Rental Apartments Affordable to Families in Essex County


High Res Photo [jpg 2.2MB]

HillTop Developer Adenah Bayoh, center, cuts the ribbon for 280 Park Place in Irvington on May 22, 2018, joined by co-developers Patrick Terborg and Matt Gross, left, and co-developer Nick Lettire, Irvington Mayor Tony Vauss and Essex County Executive Joseph N. DiVincenzo, Jr., right.

 

Six Apartments Set Aside for Residents with Developmental Disabilities
 
IRVINGTON, NJ – New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff joined state and local officials and representatives of HillTop Partners Urban Renewal LLC yesterday to celebrate the ribbon cutting of 280 Park Place, the first part of a master-planned, multi-phased redevelopment in Irvington that includes affordable housing units.
 
Built on the site of the former Irvington General Hospital on Chancellor Avenue, 280 Park Place is a five-story, 125,000-square-foot building housing 114 apartments, of which 88 are affordable, including six set aside for residents with developmental disabilities. Residents have already begun moving in.
 
“280 Park Place marks the beginning of an ambitious redevelopment project that will increase affordable and market-rate apartments for people in and around Irvington,” said Lt. Governor Sheila Y. Oliver, commissioner of the New Jersey Department of Community Affairs and chair of the NJHFMA board. “In place of a vacant hospital building, the new 280 Park Place will be home to individuals and families who will become part of the community.”
 
NJHMFA awarded the $29.3 million development 9% Low Income Housing Tax Credits, which have generated $19.4 million in private equity.
 
The apartments feature Energy Star appliances, slate tile bathroom flooring, granite countertops, open layouts, and energy-efficient, double-paned windows. Building amenities include a fitness center, furnished resident lounge, laundry room on every floor, an outdoor community area, and on-site parking.
 
“280 Park Place provides housing that increases income diversity, which lifts up all households, as well as supportive housing for residents with special needs,” said NJHMFA Executive Director Charles A. Richman. “We are proud to be a financing partner in 280 Park Place by awarding 9% Low Income Housing Tax Credits, which have been a backbone in the financing of affordable housing.”
 
Income guidelines for households leasing affordable apartments range from $32,000 to $65,680, depending on the size of the family. Rents start at $963 for one-bedroom apartments for residents at 30% and 60% of Area Median Income (AMI). For residents earning 60% AMI, rents are $1,128 for two-bedroom units and $1,301 for three-bedroom units. Rents for market-rate one-bedroom apartments are set at $1,500, and $1,700 to $1,800 for two-bedroom units.
 
The development is blocks from NJ Transit bus service, with easy access to Newark and New York City, and near the Garden State Parkway and Interstate 78.
 
Additional phases of the development, known as The HillTop, are expected to include 650 multifamily apartments and 25 two-family homes with 15,000 square feet of commercial and retail space. Construction on the next phase is anticipated to begin in 2020.
 
HillTop Partners Urban Renewal LLC is a joint venture between Irvington-based Kapwood LLC and Urban Builders Collaborative, based in New York. The Arc of Essex County will manage the supportive housing apartments. Social services are provided for all residents by the Urban League of Essex County, and will include adult education such as computer repair and maintenance; financial education such as financial literacy and budgeting entrepreneurship; and employment and advanced certification assistance.
 
NJHMFA, an affiliate of the New Jersey Department of Community Affairs, has been a leader in the creation and rehabilitation of nearly 100,000 affordable housing opportunities for families, seniors, and special needs residents statewide through its loan financing and bond programs; mortgage, down payment and closing costs assistance; and the award of federal Low Income Housing Tax Credits. For more information on NJHMFA programs, visit www.njhousing.gov.