Acquisitions—Newark, New Jersey
Grace West Manor
In June 2013, the Rose New Jersey Green Affordable Housing Preservation Fund acquired Grace West Manor, 429 unit, affordable Section 8 property in Newark, New Jersey. The complex consists of a 12-story tower with 324 units designated for senior citizens and 21 town homes with 105 units designated for families.
Grace West benefits from a long-term project-based Section 8 Housing Assistance Payment (HAP) contract. 100% of units are reserved for households earning below 50% of AMI.
Located at the southern edge of Newark's central business district, Grace West Manor affords its residents easy access to transit, services, and downtown amenities. Several bus lines serve the property. Newark City Hall, Newark Symphony Hall, Lincoln Park, the Prudential Center, and Broad Street (a major retail corridor in downtown Newark) are within walking distance, and the city's main train station, Penn Station, is just over a mile north with commuter and Amtrak train service.
Ownership will conduct a moderate capital improvement plan to increase the property's energy efficiency, control expenses, and provide healthful, quality affordable housing for its low-income residents. Completed improvements totaling $1.4 million, include an increased social service program for seniors and families, modernization of both elevator cabs, upgrades to deferred maintenance items and in-unit revitalizations. The scope of the remaining $2 million capital plan will focus on revitalization of the abandoned community facility with the help of local educational organizations to provide programming for the children at the property, replacement of townhome HVAC systems for increased efficiency, facade repairs, and common area improvements.
Preservation and greening of a 429-unit senior Section 8 property in Newark, NJ
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