RAHWAY – The Willows at Rahway, a rental apartment community affordable for workforce families, located in the Rahway Arts District and financed in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA), marked its grand opening Tuesday.
The four-story building, developed by Ingerman, includes 58 one- to three-bedroom apartments for residents with varying incomes up to 60 percent of the area median income (AMI). Five units are set aside for homeless individuals or families.
The Willows at Rahway borders the city’s downtown in a predominantly residential area and is close to the Union County Performing Arts Center, an NJ Transit train station and bus service, and is convenient to local retail, dining, and entertainment.
NJHMFA provided the project with $2.9 million in permanent and construction funding, and also awarded 9% Low Income Housing Tax Credits, which are expected to generate over $9 million in private equity. Other funding includes nearly $800,000 from Union County Home and $225,000 from the Rahway Redevelopment Agency.
“The Willows at Rahway provides residents with walking access to downtown amenities and public transportation, which is what many residents desire,” said NJHMFA Executive Director Charles A. Richman. “The use of Low Income Housing Tax Credits has enabled us to broaden the impact of tax credit awards across the state, opening doors to thousands of residents, not only improving their lives, but the greater community as well.”
Each apartment includes a full kitchen, washer and dryer, and energy-efficient appliances. The building includes a resident lounge, sundeck, fitness center, and artist studio and performance space. Rents range from $287 for very-low income units to $1,336, and residents began moving in April 1.
Ingerman Management Company’s Department of Community and Supportive Services is providing case management services for residents, including mental health, counseling and services, rehabilitation, vocation and employment assistance, general health and dental services, income support and benefits, and substance abuse treatment.
Ingerman is a leading developer, builder, and manager of award-winning multifamily communities throughout the Mid-Atlantic region.
NJHMFA, an affiliate of the New Jersey Department of Community Affairs, has been a leader in the creation and rehabilitation of nearly 100,000 affordable housing opportunities for families, seniors, and special needs residents statewide through its loan financing and bond programs; mortgage, down payment and closing costs assistance; and the award of federal Low Income Housing Tax Credits. For more information on NJHMFA programs, visit www.njhousing.gov.