Tredway, LIHC Land $40M in Financing to Acquire Newark Affordable Housing 

Tredway and LIHC Investment Group have acquired Forest Hill House, a 100-unit senior-occupied apartment complex in Newark, NJ. They plan to invest over $20 million in improvements to encourage aging in place and enhance energy efficiency. The project includes extending HUD income restrictions for another 30 years to keep the property affordable.  

The redevelopment will include new windows, appliances, accessibility upgrades, renovated kitchens and bathrooms, and upgraded common areas. New amenities such as an on-site doctor’s office, nurses’ station, fitness room, and transportation services will be added. The project will also focus on energy efficiency, with upgrades to the roof, lighting, insulation, and ventilation. 

 “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.”