Development and Federal Investment Brings Revitalization and Affordable Housing Opportunities
On February 13, 2017, partners and elected officials celebrated the groundbreaking of the Harvard Printing Project which will provide affordable housing in Orange, NJ.
City of Orange Township Mayor Dwayne D. Warren; Joseph Alpert, President, The Alpert Group, LLC; David Barry, President, Ironstate Development LLC and other elected officials and dignitaries attended the event.
Harvard Printing Project will feature 128 new upscale residential units of housing.
The Harvard Printing Project, located at 550 Central Avenue in the City of Orange Township, adaptively reuses a vacant light industrial site. In addition to the high-quality apartments, the Art Deco building will be rehabilitated into a 162-car parking garage.
The newly constructed 4-story building offers one-, two, and three-bedroom apartments. The housing for singles and families includes:
- 99 one-bedroom units;
- 20 two-bedroom units and
- 8 three-bedroom units.
The Harvard Printing Project will help address the high demand for quality affordable rental housing in Essex County. Development of this project creates affordable housing and contributes to other revitalization initiatives underway in the surrounding area.
Of the 128 apartments, 70 units will be affordable housing for households with low incomes that do not exceed 60% AMI (including one superintendent’s unit) and 58 units will be market rate family units.
The project’s financing provides an excellent example of a private and public partnership. The project’s financing includes:
- a CitiBank construction loan,
- New Jersey Housing and Mortgage Finance Agency (NJHMFA) permanent mortgage,
- NJHMFA New Multifamily Production Program funds,
- equity from the sale of 9% low income housing tax credits.
Federal and state funding will be invested in the development.
With uncertainty surrounding federal budget and tax policy, the federal funds for projects such as this face substantial risk unless advocates can make a strong case that LIHTC and federal funding creates jobs while revitalizing communities. Join us on July 19th for the Congressional Reception.
The neighborhood revitalization includes the opening and beautification of the East Branch of the Rahway River and the redevelopment of Orange’s Valley neighborhood.
The neighborhood is being transformed into a vibrant-mixed use residential neighborhood and arts district. The project is in a designated Smart Growth Area and is within ½ miles of the Highland Avenue train station.
The project general contractor is AJD Construction.