Urban League of Essex Housing

Newark,
NJ
(2023)

Urban League of Essex Housing

Housing

Eight new homes for low-and-moderate-income families in Newark, NJ

Investment

NMTC Amount: $6,000,000
Total Project Cost: $6,100,000

IMPACT

2 FTE jobs
80 construction jobs

CDEs

National Community Investment Fund

Investor

Wells Fargo

According to a 2021 study by Rudgers University, the city of Newark, NJ had an affordable housing deficit of 21,000 units.

In an effort to create affordable housing opportunities for low and moderate-income residents in Newark, NJ, Wells Fargo and National Community Investment Fund provided $6 million in NMTC financing in to build eight for-sale duplex homes in partnership with the Urban League of Essex County New Jersey.

The homes are on Fairmount Ave and Camden Street in the Fairmount Height section of Newark, NJ.

The City of Newark was also supportive of this housing initiative, selling the vacant lots to the Urban League at a discounted price. Additionally, the State of New Jersey provided Neighborhood Revitalization Tax Credit funds to support the project.

Buyers will participate in home-owner educational programs prior to purchase and receive low down payment loans upon qualification. Home ownership is the quickest way to build wealth, and this program will surely help eight families do just that.

The project created 80 construction jobs and 2 permanent jobs in a community with an unemployment rate of nearly 25 percent.

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