Developers extend affordability for 100 senior
households while introducing amenities and services that support
independence and enhance quality of life
NEW
YORK, May 22, 2024 /PRNewswire/ -- Tredway, an
affordable and mixed-income real estate developer that builds and
preserves high-quality, high-opportunity housing, and LIHC
Investment Group, one of the nation's largest owners of affordable
housing, today announced the acquisition of Forest Hill House, a
100-unit senior-occupied apartment complex in Newark, NJ. The joint venture will immediately
begin redeveloping the property to encourage aging in place and
enhance energy-efficiency by investing upwards of $20 million in improvements and upgrades.
As a result of the acquisition, the affordability agreement
governing the property will be extended for another 30 years, at an
income limit of 60 percent of area median income (AMI).
"We are excited to embark on this ambitious redevelopment which
will protect and improve homes at Forest Hill House for lower
income seniors, while keeping affordability intact," said
Will Blodgett, CEO & Founder
of Tredway. "Not only does this project allow for the
preservation of an important source of affordable housing for the
City of Newark, it also provides
an opportunity for seniors to live their lives and age
independently in a home they can be proud of."
"A project of this magnitude requires public-private
collaboration and we are grateful for the support of HUD, NJHMFA,
NJEDA, the City of Newark, Mayor
Ras Baraka and Council Member Anibal Ramos Jr. and commend their
commitment to uplifting longtime, elderly residents of Newark," he added.
"There is a vital need for affordable, high-quality homes for
seniors across New Jersey and we
are proud to provide state-of-the art housing solutions that take
into account the specific needs of older adults," said
Andrew Gendron, Principal, LIHC
Investment Group. "The rehabilitation of the property, along
with new amenities and comprehensive services for residents,
underscores our commitment to helping vulnerable seniors
access the types of homes and support they need to live comfortably
and with dignity."
The rehabilitation of the property includes new windows, air
conditioning units and Energy Star appliances for all apartments.
Kitchens and bathrooms will be fully renovated and upgraded for ADA
accessibility. To maximize energy efficiency, the building's roof
and boilers will be replaced, an emergency generator installed and
lighting will be converted to LED.
Residents will benefit from new amenities including an on-site
doctor's office, a beauty salon and barbershop, an age-appropriate
fitness and mobility room, free Wi-Fi and an upgraded security
system. Additional services will be implemented based on resident
feedback in cooperation with Rainbow Housing Assistance
Corporation.
The project is being financed with an FHA-insured Section 221d
(4) permanent loan from Rockport Mortgage Corporation through
NJHMFA conduit bond issuance, 4% Low-Income Housing Tax Credit
(LIHTC) equity provided by Regions Affordable Housing and Bank of
New York Mellon, Aspire tax credits and owner equity. Affordable
Housing Institute, Inc. is the not-for-profit partner.
About Tredway
Founded in 2021, Tredway is a real
estate development firm that acquires, revitalizes and preserves
affordable, workforce and mixed-income housing. Our work is driven
by the belief that safe, high-quality and accessible housing is an
important catalyst for upward socioeconomic mobility and is an
essential part of fostering equity in America today. Tredway
combines strong relationships, industry know-how and fluency in
public-private partnerships to ensure successful outcomes for all
stakeholders. To learn about the advantages of partnering with
Tredway, visit: tredway.com.
Media Contact:
Kelly Magee
kelly@rivetpr.com
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SOURCE Tredway Management, LLC