Greystone and New Community Corporation Recapitalize 842 Apartments

Greystone Affordable Development and New Community Corporation (NCC) have partnered to fix up four affordable housing communities with 842 apartments in Newark, NJ in a $160 million transaction.

The apartments are part of the NCC’s network of more than 2,000 units of affordable housing for families and seniors. The 842 apartments have contracts for project-based Sec. 8 rental subsidies, and get about $60,000 apiece in renovations.

“The revitalization process at NCC serves as a model for how we can ensure the legacy of our city, and others like it,” said Ras J. Baraka, Mayor of Newark.

The $160 million included both $80 million in tax-exempt bond debt and $48 million from the sale of 4% low-income housing tax credits. Both programs are threatened by a proposal to reform the federal tax code in the U.S. House of Representatives.

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