JV Announces $40 Million in Funding to Acquire and Preserve Affordable Senior Housing in Newark

Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, and LIHC Investment Group, one of the nation’s largest owners of affordable housing, recently announced the acquisition of Forest Hill House, a 100-story apartment complex occupied by seniors in Newark.

The joint venture will immediately begin redeveloping the property to encourage aging in place and improve energy efficiency by investing more than $20 million in improvements and upgrades.

Following the acquisition, the affordability agreement governing the property will be extended for an additional 30 years, at an income cap of 60% of the area median income.

“We are excited to embark on this ambitious redevelopment, which will protect and improve Forest Hill House housing for low-income seniors, while preserving affordability,” said Will Blodgett, founder and CEO of Tredway. “Not only does this project preserve an important source of affordable housing for the City of Newark, it also provides the opportunity for seniors to live their lives and age independently in a home they can be proud of.”

“A project of this magnitude requires public-private collaboration, and we are grateful for the support of HUD, NJHMFA, NJEDA, the City of Newark, Mayor Ras Baraka and Council Member Anibal Ramos Jr., and welcome their commitment to improving the long-standing situation. elderly residents of Newark.

“There is a vital need for high-quality, affordable housing for seniors throughout New Jersey, and we are proud to provide cutting-edge housing solutions that address the specific needs of seniors,” Andrew Gendron, Director , LIHC Investment Group, said. “The rehabilitation of the property, along with new amenities and comprehensive services for residents, underscores our commitment to helping vulnerable seniors access the types of housing and support they need to live comfortably and with dignity.”

The rehabilitation of the property includes new windows, air conditioning units and Energy Star appliances for all apartments. Kitchens and bathrooms will be completely renovated and upgraded for ADA accessibility. To maximize energy efficiency, the building’s roof and boilers will be replaced, a backup generator installed and lighting converted to LED.

Residents will benefit from new amenities including an on-site doctor’s office, beauty salon and hair salon, age-appropriate fitness and mobility room, free Wi-Fi and a security system. improved. Additional services will be implemented based on resident feedback in cooperation with Rainbow Housing Assistance Corp.

The project is financed by an FHA-insured Section 221d(4) permanent loan from Rockport Mortgage Corp. through the New Jersey Housing & Mortgage Finance Agency’s bond issuance, a 4% low-income housing tax credit provided by Regions Affordable Housing and Bank. of New York Mellon, Aspire tax credits and homeowners’ equity. Affordable Housing Institute Inc. is the nonprofit partner.