Real Estate Journal — Northern New Jersey — December 8 - 21, 2017 — 9B


M id A tlantic

N orthern N ew J ersey

Hudson Housing Capital provides $48 million in low income housing tax credit equity Greystone Affordable Development and NCC teamup forUnprecedentedUrbanAffordableHousingRenewal N ewark, NJ — New Community Corpo- ration (NCC), one of

services, extended care for se- niors, a community newspaper and arts and cultural events. “Our residents will now be able to enjoy a renewed envi- ronment and have the assur- ance that their home will be preserved for many years to come, all while maintaining the services and facilities on which they rely heavily for everyday life,” said Richard Rohrman , CEO, New Com- munity Corporation. “Our resi- dents’ well-being is primary in achieving our mission, and we are thrilled with the outcome of this public-private partner-

ship.” “One elected official said to me when we started New Community that our homes were too good for poor people. The housing should look poor. No, it shouldn’t look poor. It should look howmuch we love. It’s a sign of our love, not their condition,” added Monsignor WilliamLinder, Founder, New Community Corporation. “Teaming with an organiza- tion such as New Community Corporation is truly meaning- ful to Greystone, as we are able to positively impact the lives of thousands by preserving the

environment they call home. Our expertise is in complex financial transactions, but our true mission is to better the lives of those affected by the work we do. That said, we are both excited and humbled to have been able to work with New Community Corporation and the New Jersey Housing and Mortgage Finance Agency on such a critical process,” said Tanya Eastwood , president, Greystone Affordable Develop- ment. “We are honored to pro- vide financing for this critical project, which will deliver

millions of dollars to renovate and preserve 842 affordable housing units in Newark, NJ” said David Leopold , VP, Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “This financing is the result of a strong partner- ship, and we thank Greystone Affordable Development, New Community Corporation and the New Jersey Housing and Mortgage Finance Agency for their commitment to preserv- ing affordable housing in an area facing a significant short- age.” n

the largest, most comprehen- sive community development corporations in the U.S., and Greystone Affordable De- velopment , a services pro- vider for affordable housing recapitalization, rehabilita- tion and development transac- tions, have joined together to help ensure the preservation of critical urban affordable housing in the Newark, NJ community in a $160 million transaction. Working closely with the New Jersey Housing and Mortgage Finance Agency and the City of New- ark Greystone Affordable Development facilitated the acquisition and rehabilitation financing transaction which will help ensure the long-term preservation of 842 units of Section 8 rental housing to- gether with valued on-site services. Hudson Housing Capital provided $48 mil- lion in low income housing tax credit equity, alongside the $80 million in tax-exempt and taxable debt provided by FreddieMac and Greystone’s Affordable lending arm. As part of the preservation ac- tivities, units across the four properties managed by NCC will receive approximately $60,000 each in extensive ren- ovations including substantial upgrades to both the interior and exterior of the buildings provided by Claremont Con- struction Group . “The revitalization process at NCC serves as a model for how we can ensure the legacy of our city, and others like it,” said Ras. Baraka, Mayor of Newark. “Newark is making clear and measurable efforts to increase the amount of available affordable housing, and NCC’s contributions to serving the at-risk community is a critical component to the City’s future success.” NCC has been at the van- guard of providing safe, decent, and affordable housing for low- income residents for 50 years. Their vast array of services are provided under one roof and reach every stage of life for their residents. NCC offers a one-stop resource center, early childhood development, youth services, workforce training, adult continuing education, family transitional housing, food pantry, mental health

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