NEWARK, NJ — Newark City Council members advanced a public housing development project to the next phase with the awarding of 30-year tax abatement on Wednesday, bringing the city one step closer to affordable homes for seniors.
The Millard E. Terrell Homes, a collaboration between Newark Housing Authority and Terrell Development Partners Urban Renewal, LP, are set to replace an aging complex in the East Ward. With five stories and more than 69 units, it’s one of several development initiatives aiming to meet Newark’s growing senior housing needs.
At the new Terrell complex, which is located nearby the Passaic River, 54 units will be priced at 80% of the Area Median Income (AMI), 14 units will be restricted to 30% AMI and 18 units will be set aside for residents with physical disabilities. Currently, the Terrell Homes offer 215 additional units, which will be demolished and rebuilt due to aging infrastructure and mold issues stemming from its proximity to the river.
The complex has been a staple of the Ironbound community in the city since 1946. NHA plans to build a total of 196 units by the completion of the project.
A public hearing for this ordinance will be held on Sept. 22.