NEWARK, NJ — New Jersey Housing and Mortgage Finance Agency Executive Director Anthony L. Marchetta recently joined officials from the United States Department of Housing and Urban Development, the city of Newark, and the Newark Housing Authority on Wednesday, March 16, to celebrate the grand opening of Chadwick Avenue Village II, an affordable housing complex owned by the Newark Housing Authority for working families and individuals with special needs.
Chadwick Avenue Village consists of a total of 42 one-, two-, three- and four-bedroom affordable rental townhomes. Sixteen are ADA compliant for individuals in need of permanent supportive housing or special needs. Each townhome has a separate entrance at the ground level in front of the building, and a rear entrance near the kitchen area that leads to a parking lot. As part of the Newark Housing Authority portfolio, the Newark Housing Authority will operate Chadwick Avenue Village as part of its ongoing responsibilities under the HUD public housing regulations.
“Chadwick Avenue Village is a well-planned combination of new and revitalized affordable housing which is at the heart of the HMFA mission,” said HMFA Executive Director Anthony L. Marchetta. “This project involved a substantial rehabilitation of 38 existing townhomes and the new construction of four three-story townhomes, all equipped and designed for working families and those with special needs. We are very pleased to be able to continue to provide critically needed financing for developers to build affordable homes such as these.”
The HMFA, an affiliate of the New Jersey Department of Community Affairs provided $1.2 million in construction and permanent financing for the project from the Special Needs Housing Trust Fund. Chadwick Avenue Village Phase I, comprised of 20 units with eight units set aside for individuals with special needs, was completed in December 2014 and is now occupied. Phase II of Chadwick Avenue Village offers 22 units with eight units designed for individuals with special needs.
The Special Needs Housing Trust Fund is administered by the HMFA and provides capital financing to create affordable, permanent supportive housing and community residences for individuals with special needs. The purpose of the fund is to develop special needs housing and residential opportunities as alternatives to institutionalization or homelessness for those who would benefit from these programs and to ensure the long-term viability of such housing.
The project sites, situated at 157-215 Chadwick Ave. and 290-296 West Bigelow St., are located on major thoroughfares in the city of Newark and within walking distance to eight schools serving pre-K to high school students, houses of worship, public parks, retail services that include a supermarket, pharmacy, laundromat, and restaurants. The scattered site properties are also served by various modes of public transit, and are located within a 1.5-mile radius of the Rutgers University Hospital, Newark Beth Israel Hospital, Essex County College and the Newark Campus of Rutgers University. The University Behavioral Health Care division of Rutgers University Hospital will provide supportive services for the tenants with special needs in coordination with the Newark Housing Authority.
With a total development cost of $7.6 million, Chadwick Avenue Village will provide much-needed affordable housing opportunities for working families in New Jersey while, at the same time, result in a positive economic impact on the greater Hudson County community. HMFA estimates that the project generated approximately $12 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 72 direct and indirect/induced full-time equivalent jobs, and generated more than $440,000 in state and local taxes. Now complete, Chadwick Avenue Village will continue to add value to the community by providing approximately $1.3 million in ongoing economic output, seven direct and indirect/induced full-time equivalent jobs, and approximately $76,000 in state and local taxes annually.
“The Christie Administration is committed to preserving and creating safe, quality affordable housing and Chadwick Avenue Village is a great example of a successful revitalization project representing a well-planned preservation effort,” said DCA Commissioner Charles A. Richman, who is also chairman of the HMFA. “We are pleased to support housing developments such as Chadwick Avenue Village, which will provide hardworking families and those with special needs in Essex County secure, safe, permanent and affordable housing that strengthens local communities and the surrounding economy.”
NHA is the largest public housing authority in New Jersey and currently operates and maintains 8,000 scattered public housing units in 44 public housing communities and administers approximately 5,000 Housing Choice Vouchers. Its mission is to invest in Newark’s families by building and maintaining affordable housing to encourage economic independence and healthy communities. The Newark Housing Authority has also worked in conjunction with other developers that have received HMFA financing for two projects known as Cottage Place and Baxter Terrace I, located in Newark.
Newark Housing Authority Executive Director Keith Kinard stated, “We are pleased today that the Housing Authority can return to the market 22 comprehensively remodeled apartments to house the citizens of this great City. Working cooperatively with our partners—the city of Newark, NJHMFA, HUD and Rutgers University — this project created construction while giving a boost to the local economy. In sum, we are proud to present 22 newly remodeled, energy efficient homes for Newark families.”
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors Inc., a real estate and economic development consulting firm.
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