The city of Elizabeth, Genesis Cos. and the Housing Authority of the City of Elizabeth announced the opening of 60 new mixed-income, affordable and supportive housing units in Elizabethport, according to a joint statement Wednesday.
The E’Port Family Homes at 160 First St. and 200 Third St. are the result of a joint venture between Genesis Cos. and HACE.
The $18 million project was completed in late September and features two new four-story elevator buildings. Fifteen units have been set aside for the formerly homeless, and supportive services will be provided by HACE and Bridgeway Rehabilitation Services.
Each building has a combination of one- and two-bedroom apartments, with 15 project-based vouchers to be distributed across both sites to be administered by HACE and the New Jersey Division of Mental Health and Addiction Services. All of the units will be affordable and set at 60% of the area median income or below. Building amenities for all residents include parking and a community room.
“Not only does this new development once again improve the city’s oldest neighborhood, but it also supports Elizabeth’s Go Green efforts, leading our residents to a more healthy, efficient and environmentally-friendly life,” Elizabeth Mayor Christian Bollwage said. “I have been excited about this project’s completion and would like to thank the Housing Authority of the City of Elizabeth, Genesis Cos. and all of our partners involved in this project.”
Financed with approximately $13 million from the Low-Income Housing Tax Credit Program, $900,000 from the Federal Home Loan Bank and $3.55 million in debt financing from Citigroup, the project is also built to Enterprise Green Communities standards for sustainability, ensuring the new homes and residents participate in a process that results in investments to address climate change and prioritizes the health and well-being of every household.
“This project underscores how vital public-private partnerships are for us to make significant impacts in the communities in which we live and work,” said Karim Hutson, Genesis founder and managing member. “I’m grateful for our team and their decades of experience in developing a financing structure that successfully leverages several public and private financing tools, and we are thankful for HACE and other key partners for their efforts to create these new affordable homes.”
