Acquisitions—Newark, New Jersey
Grace West Manor
In June 2013, the Rose New Jersey Green Affordable Housing Preservation Fund acquired Grace West Manor, a 429 unit, affordable Section 8 property in Newark, New Jersey. The complex consists of 325 units in a 12-story tower designated for senior citizens and 104 townhomes for low-income families.
Grace West benefits from a long-term project-based Section 8 Housing Assistance Payment (HAP) contract. 100% of units are reserved for households earning below
50% of AMI.
Between 2013 and 2018 approximately $4m of upgrades were undertaken, including modernized elevators in the senior tower, new energy-efficient boilers in the townhomes and a new community center. In October 2018 the property was refinanced using Low Income Housing Tax Credits, enabling further capital improvements totalling $18m to be undertaken.
The capital scope aims to increase the quality of life of our residents and to improve the energy efficiency and resiliency of the building. Upgrades are being undertaken within resident units to bathrooms, kitchens, windows, and to increase disabled accessibility. The building received a new roof as well as flooring and painting in common areas and apartments. The scope also includes the provision of a gym for the seniors, a medical exam room and an all-season room extension to the community room serving the senior tower. Major upgrades and replacements are being made to the building mechanical systems including the make-up air unit, the pumps and apartment level thermostatic controls. Enhancements to these systems will reduce the building’s overall energy consumption. Upon completion, the project will achieve Enterprise Green Communities certification.
Preservation and greening of a 429-unit senior Section 8 property in Newark, NJ
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