Newton, NJ – New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff, local officials, and representatives of RPM Development Group today celebrated the grand opening of Newton Town Centre, a once underutilized parking lot now transformed into a mixed-use building with affordable rental apartments and prime corner retail space.
The newly built four-story building, located in downtown Newton and adjacent to neighboring homes, occupies the site of a former parking lot at Spring Street and Union Place and reflects the historic character of its surroundings. It is close to neighborhood services, restaurants, employment, public transportation, entertainment, medical facilities, and outdoor public space.
Newton Town Centre includes 65 apartments for low- to moderate-income seniors aged 55 years and older who earn up to 60 percent of the area median income. Six units are set aside, one for the on-site superintendent and five for seniors who are homeless. Residents began taking occupancy in late March.
The apartments feature stainless steel Energy STAR appliances and high-efficiency heating and cooling. Building amenities include on-site parking, a rooftop terrace for residents, and a large community room that will double as a civic space for select events throughout the year. The retail space is still available.
“Newton Town Centre is a transformative addition to Newton, a town rich in history and character. This development allows older adults to remain connected to the community, and also provides housing and services for homeless seniors,” said NJHMFA Executive Director Charles A. Richman. “Mixed-use developments enhance walkable downtowns that add convenience, and draw shoppers and residents to buy local and invest in their community.”
Rents for one-bedroom units are from $839 to $910 for residents with incomes ranging from $28,000 to $45,240 and rents for two-bedroom units are from $992 to $1,034 for residents with incomes ranging from $33,500 to $56,520, depending on household size. Newton Town Centre is also participating in NJHMFA’s Services for Independent Living (SIL) program, which works to enhance the quality of life for residents living in NJHMFA-financed senior housing developments.
NJHMFA awarded the $17.6 million project 9% Low Income Housing Tax Credits, which are expected to generate $13.7 million in private equity for the project from Wells Fargo. Additional funding includes a $2.2 million permanent loan from the U.S. Department of Agriculture’s 538 Program, a construction loan from Wells Fargo Bank, and $95,000 from the Town of Newton.
RPM Development Group, based in Montclair, is one of the leading developers of affordable housing in New Jersey with a goal to provide quality housing while aiming to improve neighborhoods.
NJHMFA is an affiliate of the DCA and has been a leader in the creation and rehabilitation of nearly 100,000 affordable housing units across the state. For more information on NJHMFA and its programs, visit www.njhousing.gov.