ELIZABETH – November 10, 2021 – Today, the City of Elizabeth, Genesis Companies and the Housing Authority of the City of Elizabeth (HACE) announced the opening of 60 new mixed-income, affordable and supportive housing units in Elizabethport.
The E’Port Family Homes at 160 First Street and 200 Third Street are the result of a joint venture between Genesis Companies and HACE. Genesis is a full-service real estate development firm that specializes in financing, developing, and operating mixed-income and mixed-use residential projects. HACE is responsible for more than 1,350 units of public housing and delivers a broad range of services ranging from social, economic, educational, and redevelopment across the city of Elizabeth.
“Not only does this new development once again improve the City’s oldest neighborhood, but it also supports Elizabeth’s Go Green efforts, leading our residents to a more healthy, efficient and environmentally-friendly life,” said Elizabeth Mayor J. Christian Bollwage. “I have been excited about this project’s completion and would like to thank the Housing Authority of the City of Elizabeth, Genesis Companies and all of our partners involved in this project.”
“Genesis has a longstanding commitment to working with Housing Authorities to activate and optimize their properties for their residents,” said Karim Hutson, Genesis Founder & Managing Member. “This project underscores how vital public-private partnerships are for us to make significant impacts in the communities in which we live and work. I’m grateful for our team and their decades of experience in developing a financing structure that successfully leverages several public and private financing tools, and we are thankful for HACE and other key partners for their efforts to create these new affordable homes.”
“We are extremely excited to announce our next affordable housing project in Elizabethport,” said William D. Jones, Executive Director of HACE. “This initiative continues our commitment to the revitalization of this neighborhood. We salute our partners, Genesis Companies and the City of Elizabeth, in helping to bring this project to fruition.”
The $18-million project was completed in late September and features two new 4-story elevator buildings. Fifteen units have been set aside for the formerly homeless and supportive services will be provided by HACE and Bridgeway Rehabilitative Services.
Each building has a combination of 1- and 2-bedroom apartments, with 15 project-based vouchers to be distributed across both sites to be administered by HACE and the State of New Jersey Division of Mental Health and Addiction Services. All of the units will be affordable and set at 60 percent of the area median income or below. Building amenities for all residents include parking and a community room.
The project is also built to Enterprise Green Communities standards for sustainability, ensuring the new homes are residents participate in a process that results in investments to address climate change and prioritizes the health and well-being of every household.
The project was financed with approximately $13 million from the Low-Income Housing Tax Credit Program, $900,000 from the Federal Home Loan Bank and $3.55 million in debt financing from Citigroup, with additional funding from the City of Elizabeth, the National Equity Fund, and the New Jersey Housing & Mortgage Finance Agency.
About Genesis Companies
Genesis Companies is a full-service real estate development firm that specializes in financing, developing and operating mixed-income and mixed-use residential projects. Since it’s founding in 2004, Genesis has been committed to strengthening communities across New York and New Jersey through disciplined real estate analysis, investment and innovative approaches.
Genesis’ decades of combined leadership experience in multifamily development includes the development of workforce, affordable and market-rate housing for individuals, families, seniors and other supportive housing. Genesis has developed a reputation for transforming underutilized or under-performing real estate assets into quality, energy-efficient projects that enhance urban centers, while remaining accessible to the residents of these communities.
About the Housing Authority of the City of Elizabeth
Since its formation in 1938, the Housing Authority of the City of Elizabeth has worked diligently to meet the housing needs and improve the quality of life for all the residents it serves. The Housing Authority of the City of Elizabeth is responsible for over 1350 units of public housing and delivers a broad range of services ranging from social, economic, educational, and redevelopment. For more information about HACE, visit www.hacenj.com.