DCA & HMFA Break Ground on 90-Unit Affordable Apartment Community in Newark

DCA & HMFA Break Ground on 90-Unit Affordable Apartment Community in Newark

NEWARK, N.J. – July 15, 2011 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony Marchetta today joined City of Newark Mayor Cory Booker and local officials to break ground on Baxter Park, an affordable apartment community to be located at 39-47 Sussex Avenue near Newark’s Broad Street Station District. The HMFA, an affiliate of the Department of Community Affairs (DCA), provided construction and permanent mortgage financing in the amount of $16,350,000 for the project. Baxter Park also is expected to be awarded federal Low Income Housing Tax Credits, which will generate approximately $10.2 million in private equity.

Previous articleAttorney General Darrell McGraw Takes Action Against California’s National Relief Group
Next articleWhile School’s Out, Learn Lessons in Home Energy Use