New Community Corp. (NCC) and Greystone Affordable Development have paid $160 million for a four building, 842-unit Section 8 rental portfolio in Newark, N.J. Additional partners in the purchase include the New Jersey Housing and Mortgage Finance Agency and the City of Newark. Also, Hudson Housing Capital provided $48 million in low-income housing tax credit equity, alongside the $80 million in tax-exempt and taxable debt provided by Freddie Mac and Greystone’s Affordable lending arm. The deal also includes funding for the rehabilitation and long-term preservation of the properties as subsidized rental housing. On average, the properties will receive approximately $60,000 per unit for building upgrades provided by Claremont Construction Group.
New Community Corp. will manage the communities and also provide services to residents including early childhood development, youth services, workforce training, adult continuing education, family transitional housing, food pantry, mental health services, extended care for seniors and arts and cultural events.
