Renovated apartment complex opens in Newark

  • 2020-04-04
The Garden Spires apartment complex in Newark is now open for occupancy.

The new owners of the building, Omni America, worked with local and state officials to make 650 newly renovated units available to tenants at rates designed to be affordable.

The renovation project took 18 months to complete at a cost of $172m, much of which was funded by the state. The conduit Bond Program of the New Jersey Housing and Mortgage Finance Agency (NJHMFA) provided $59.4m in financing. The federal department of Housing and Urban Development is also providing Section 8 rental assistance for 350 of the units in the apartment building.

Other incentives for the project included low-income housing tax credits of 4% by the NJHMFA to Omni America, which is equivalent to private equity of $49.1m. There were also tax credits of $43m from the State Economic Redevelopment and Growth Program of the New Jersey Economic Development Authority.

Banner printing can be used at such sites to inform the community of such developments and their benefits for residents.

Mo Vaughn, MLB All-Star, is the owner of Omni America, which was selected by the city for its experience as a provider of affordable housing. Managing partner of Omni America, Eugene Schneur, expressed his pleasure of being able to improve the physical condition of the building, which he believes will also enhance the quality of living for its residents.