Seniors and adults with disabilities – two groups who often struggle to find accommodation – just had another option in East Orange.
Genesis Cos., a New York-based community-focused real estate development company, announced this week that it has completed the rehabilitation of Vista Village at 70 S. Burnet St.
The 180-unit residential building, 100% affordable, is dedicated to seniors and adults with disabilities. The renovations including system updates, full unit kitchen and bathroom renovations, new windows, flooring and more were done in partnership with the East Orange Housing Authority.
Support services are available to residents through existing Housing Authority programs, including activities, food insecurity services, resource referrals, and COVID testing and vaccination services -19 made possible thanks to a partnership between EOHA and the city of East Orange. Several units have also been converted to meet the needs of residents with disabilities. The partnership between Genesis Cos and East Orange Housing Authority guarantees long-term accessibility to those who are really in need.
Lieutenant Governor Sheila Oliver, who is the Commissioner of Department of Community Affairs and the chairman of the board of directors of New Jersey Housing and Mortgage Finance Agency, said the renovation will have an impact.
“Housing affordability is absolutely essential, and Governor (Phil) Murphy and I are committed to ensuring that seniors and people with disabilities have a safe and decent place to live in New Jersey,” said she declared. “This renovation project was a great public and private enterprise that will provide people with better access to high quality and accessible housing. The entire East Orange community will benefit greatly from this major investment.
Karim Hutson, Founder and Managing Partner of Genesis Cos., Said he was happy to fill a need.
“In the tri-state region, affordability remains a critical issue, especially for residents who need additional services and support,” he said. “This public-private partnership provides a framework for future developments.
“We are proud that this maintains the long-term affordability of Vista Village apartments and strengthens our mission of keeping urban communities accessible to everyone, including New Jersey seniors and adults with disabilities.”
The former nine-story social housing development has been approved for the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration Program, under which all residential units in the project will be subsidized under the Project-Based Section 8 program. The government-funded program provides rental housing to low-income households in private and managed rental units.
The RAD conversion allows the apartment complex to take on debt to finance the rehabilitation costs. All units are reserved for households earning 60% of the area’s median income and half are reserved for households earning 50% MAI on a long-term basis.
ETC Cos. partnered with Genesis as the general contractor for the project. DMR Architects was the official architect of the project. Funding for the rehabilitation of the project was initiated by the New Jersey Housing and Mortgage Finance Agency, the equity of the low-rental housing tax credit from the sale of 4% tax credits, the factor of home replacement, public funds / housing, seller’s rating East Orange Housing Authority and construction and permanent funding in the form of a Citibank NA term loan from a tax-exempt bond structure with the agency.
East Orange Mayor Ted Green said he hopes the project sets trends.
“We congratulate Genesis Cos. And the East Orange Housing Authority for their commitment to building affordable and quality housing and hope that the success of this strategic redevelopment will be an example for future investments,” he said. declared.