NEWARK, NJ-- Mayor Cory A. Booker and other dignitaries broke ground yesterday for M&M Development’s Harmony Square housing development at 98-102 Broad Street in Newark.
Referred to as Harmony Square, the three-phase development will create 47 units of new construction and include the substantial rehabilitation of a 16 unit vacant and boarded City-owned building located at 98-102 Broad Street. The 47 newly constructed homes will include 11 affordable for-sale units, 33 “emerging market” for-sale units and three emerging market rental units. Newark-based Developers and minority- and female-owned contractors, M&M Development, focused today on the initial two phases of the project - the Condominiums at Harmony Square and the Apartments at Harmony Square.
The Condominiums at Harmony Square includes 20 condominium houses, which will be sold to low, moderate, and emerging market income households. The Apartments at Harmony Qquare will provide 16 affordable rental units; 10 of which units will be designated to serve victims of domestic violence and mental illness through a partnership with the University of Medicine & Dentistry and other service based programs.
M&M Development principals, Maria Yglesias and Maria Del Mar Lopez, received $3,895,245 from the New Jersey Housing & Mortgage Finance Agency in the form of a construction loan and 30-year mortgage. The pair were also recipients of a $100,000 loan from the Brick City Development Corporation Bonding Assistance Fund. Under that agreement, M&M Development will provide subcontracting opportunities for qualifying minority- and female-owned Newark-based firms as well as paid apprenticeship/mentoring for start-up Newark-based firms that need projects to build their work experience. These apprentices would be paired with an experienced journeyman in a trade, such as electrical or plumbing.
Additional funding comes from $300,000 in Essex County Home Funds, and $900,000 from City of Newark Home Funds, which is split as follows: $550,000 for Phase One and $350,000 for Phase Two. In addition, the City of Newark provided an $80,000 grant.
Remaining financing comes from TICIC for Condominiums at Harmony Square and Valley National Bank for Apartments at Harmony Square.
The Booker administration has made the creation of affordable and low-income housing one of its highest priorities and has doubled production of affordable housing since taking office in July 2006. Through partnerships with such organizations as Episcopal Community Development, Project Live, Inc., New Community Corporation and philanthropists like musician Jon Bon Jovi, the City of Newark has renovated or created hundreds of affordable and low-income housing developments in every ward.
City of Newark
www.ci.newark.nj.us
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