4% LIHTC Portfolio
This innovative transaction preserved aged affordable multifamily and senior apartment homes within four different properties in downtown Newark, creating a new sense of pride and a strengthened sense of community in the city.
Project at a Glance
New Community Corporation and Greystone Affordable Development launched a major initiative to preserve and upgrade a portion of NCC’s affordable housing properties located throughout the city of Newark. The newly renovated homes are a valuable resource for both the elderly and families in Newark, who might otherwise not have access to safe, dependable, and affordable housing.
The tax-exempt and tax credit capital infusion enabled NCC to embark on an 18-month substantial rehab for both interior and exterior that gave its residents a well-deserved refresh, prolonging the life of the affordable homes for decades to come.
This partnership ensured the preservation of critical urban affordable housing in the Newark, NJ community.
Greystone Affordable Development had the unique opportunity to join together with NCC, one of the largest, most comprehensive community development corporation in the United States, to provide solutions to this critical project.
Property owner, community leaders, state and local legislators, state financing agency, investors, and other partners all played key roles in completing this transaction.
- Developer Partner: New Community Corporation
- Bond Issuer: New Jersey Housing Mortgage Finance Agency
- Equity Investor: Hudson Housing Capital
- Permanent Senior Lender: Greystone Servicing Company LLC
- Subordinate Lender: Federal Home Loan Mortgage Corporation (Freddie Mac)
- LIHTC Equity: $48.5M
- New Debt: $29.4M
- Tax-Exempt Bonds: $77.4M
- Other Sources: $3.9M
“We are honored to provide financing for this critical project, which will deliver millions of dollars to renovate and preserve 842 affordable housing units in Newark, New Jersey. This financing is the result of a strong partnership, and we thank Greystone Affordable Development, New Community Corporation and the New Jersey Housing and Mortgage Finance Agency for their commitment to preserving affordable housing in an area facing a significant shortage.”Investment Partner