News

LISC Supports Its Move From Condemned to Catalyzing

4.11.2019

Greater Newark LISC assisted the City of Newark with its plans to revitalize two historic buildings in the Clinton Hill neighborhood and restore a sense of pride in housing standards for its residents.  The Aspen Stratford Apartments Project will create 75 affordable housing units for low to moderate income families in one of Greater Newark LISC’s target neighborhoods.  This project comes on the heels of challenging times because, just 3 years ago, the residents of Aspen Stratford were living in deplorable conditions leading the City to bring legal action against the owners of the building, which led the properties to become officially uninhabitable in 2015 and condemned by the City of Newark in 2016. "This kind of action has never been done in the City at this magnitude," Mayor Ras Baraka told a throng of reporters gathered on Stratford Place. "It’s just a clarion call that it's a new day and that we aren't going to tolerate this stuff" (Ivers. 2015).  The new day came in the form of a legal settlement that required the infamous owners to sell the building to a credible developer to complete rehabilitation.  Oak Towers Urban Renewal Entity, LLC (OTURE) is the selected developer that intends to use Low Income Housing Tax Credits (LIHTC) funds from the NJ Housing Mortgage and Finance Agency (HMFA) to rehabilitate The Aspen Stratford Apartment Complex.  The total project cost is $17 Million and Greater Newark LISC provided OTURE with a $3,861,000 acquisition loan toward the project to help spark a new sense of community in that Newark neighborhood.  “This type of community development lending is an extension of the neighborhood partnerships and community engagement programs that we are already doing in Clinton Hill,” said Greater Newark LISC Executive Director, Rhonda A. Lewis. Ms. Lewis further stated that, “The Aspen Stratford project will serve as a major catalytic change for an area that is on its way to significant community rejuvenation.”

Aspen Stratford Apartments are located only one mile away from Newark’s Central Business District (CBD). This project will evolve from a place that was condemned due to code violations to an upgraded building with newly renovated units supported by the HUD Section 8 contracts and marketed to families that are 40-60% AMI. In addition, the building will highlight several common area improvements like major elevator repair, updated security systems, keyless entry system and public WIFI.

When completed the Aspen Stratford Apartments will boast new kitchens, bathrooms, baseboard heating, flooring, electrical outlets and light fixtures.