Baraka Cuts Ribbon On Somerset Brownstones

Newark NJ

15 July, 2021

5:06 PM

Description

NEWARK, NJ —Newark Mayor Ras J. Baraka cut the ribbon Thursday to open Somerset Brownstones, a $21 million project that includes 60 affordable housing units, the mayor's office announced. According to a press release, the project, at 35 Somerset Street, includes four buildings with a mix of two-bedroom and three-bedroom apartments, all of the units are reserved for families earning below 60 percent of the area's median income. Fifteen of the units are reserved for individuals who were formerly homeless, with a preference given to homeless veterans. Additionally, The Newark Housing Authority has provided project-based Section 8 operating subsidies to allow 30 very low-income households to pay rent equal to 30 percent of their incomes, the mayor's office announced. "Somerset Brownstones is another giant step forward in the comeback of a neighborhood that for years was red-lined, blighted and denied needed development and upkeep," Baraka said. "It is also a milestone in our equitable growth strategy to focus on creating more affordable housing for the lowest income residents throughout Newark." Newark worked with The Michaels Organization on the project. The latter is a national leader in residential real estate and the largest privately held owner of affordable housing in the country. Jonathan Lubonski, vice president of development for The Michaels Organization, joined Baraka, Central Ward Council Member LaMonica McIver and Somerset Brownstones resident Yvonne Reeves at the ribbon-cutting ceremony. The event was held in one of the new parks constructed as part of the project, which includes significant new community space, the city said. Another larger park is currently under construction. Inside the Somerset units, residents will enjoy Energy Star certified appliances, central air and gas heat. The project also will include a community center. Meanwhile, residents will have access to support services focused on health, wellness, education and economic stability, which will be provided by Better Tomorrows, The Michaels Organization's nonprofit partner. According to the city, financing for the development included $11 million in private equity raised through the sale of federal Low Income Housing Tax Credits, $1.5 million in Affordable Housing Program funds from the Federal Home Loan Bank of New York and $500,000 in HOME funds from the City of Newark. Funding for the park was provided through a Green Acres grant from the State of New Jersey. In addition to The Michaels Organization, other members of the development team included: ARC Construction, KNTM Architects, Matrix Engineering and PT Consultants, the latter an environmental consulting firm. The Michaels Organization will is serve as the property management company. "We are very grateful to the mayor, the city and all the neighborhood stakeholders for their tremendous support," Lubonski said. "Our collective effort brings not only much-needed affordable housing to this neighborhood, but also has been the catalyst for transformational change to an important and historic area of the city."