The Brick City’s West Ward in Newark will be a home to a $14 million, multipurpose, affordable housing project. The joint venture includes Montclair-based RPM Development Group, Newark-based New Community Corp. and the city administration. Dubbed as Roseville Commons, the 553-567 Orange St. building is seeking LEED certification from the USGBC since its energy-efficient design includes rooftop solar panels.
Funding sources like the Low-Income Housing Tax Credits and the New Jersey Housing Mortgage Finance Agency have shown special interest in the project. You could see greenery oozing through its five stories and 50 units. The mammoth project will tout 5,000 square feet of retail space and a 5,000-square-foot community center.
It is heartening to notice that low-income households, homeless veterans and the visually challenged will be preferred while allotting these apartments. Hence, basing itself on the consumers’ propensity, the one- to four-bedroom apartments will cost $475 to $925 a month. However, they need to wait until fall 2010.
Via: NJBIZ