East Orange, NJ - With over two years of planning and advocacy, the East Orange Housing Authority (EOHA) was awarded financing on December 13, 2017 for the construction of an affordable housing project within the City of East Orange. The award was granted under the Federal Low-Income Housing Tax Credit (LIHTC) program administered by the New Jersey Mortgage Housing Finance Agency (NJHMFA).
The East Orange Senior Supportive Project, which will be located at 160 Halsted Street, will provide sixty (60) residential housing units for senior residents with fifteen units reserved for homeless persons with a preference for homeless veterans. In addition to the residential component of the development, the East Orange Senior Supportive Project will incorporate new administrative offices for the EOHA operations as well as a community room for residents.
The award is a major achievement for both the EOHA and the City of East Orange, which has not been the recipient of a 9% LIHTC award in a decade. The LIHTC award process is highly competitive due to its attractiveness to affordable housing developers and limited tax credits. According to the NJHMFA website, “…the Federal Low Income Housing Tax Credit Program enjoys the reputation of being the most successful federal housing program in history. The credit, which results in a dollar for dollar reduction in federal tax liability, acts as a catalyst to attract private investment into the historically underserved affordable housing market.”
In addition to the LIHTC award, the East Orange Senior Supportive Project will be financed by the U.S. Department of Housing and Urban Development and Federal Home Loan Bank grants.
The EOHA is excited to partner with Genesis Companies and The Metro Company, LLC on this project and looks forward to breaking ground in 2018 to expand the EOHA’s stock of decent, safe, sanitary and affordable housing.