PRESS RELEASE
Orange Housing Authority Receives Tax Credit
Financing Package Valued at $23.3 Million
Tuesday, September 21, 2010
• New Jersey Housing and Mortgage Finance Agency (NJHMFA) provides an unprecedented
two (2) tax credit awards to the Orange Housing Authority!
• Huge jump-start to revitalize public housing!
• A "first" for such massive funding!
• No state capital funds required
ORANGE, NJ -The Orange Housing Authority (OHA) was awarded tax credits and financing from the New Jersey Housing Mortgage and Finance Agency with a total value of $23.3 million dollars. The tax credits will be used to revitalize an area of Orange, once known as the Dr. Walter G. Alexander Court Public Housing Development, located between Parrow Street and Wilson Place. Our two-phase plan will transform a dilapidated development, isolated by crime and fleeing commerce, into a jewel of safe and affordable housing, complemented with an array of family and senior supportive services. The redevelopment will result in a $26.5 million total investment for the first two phases of the project consisting of 114 residential units. The impact extends not just to our residents, but to our entire city!
“We are extremely excited by this wonderful news that we have won the tax credits. All of our hard work, has finally paid off. Now we have the financial resources to make our vision of rehabilitating this distressed area a reality. We are ready to get down to business and move forward with our partner, the Orange Housing Development Corporation, on our plans to bring forth renewal. The demolition of the old high rise buildings and the redevelopment of new town homes is a win-win for our entire community.”
- Clifford Ross, OHA Commissioner and Chairman
“OHA officials have been preparing and planning for this day for several years. To get the green light that our submission has won acceptance from the state means we can move the first two phases of our mission forward without any detrimental impacts on the city’s tax base or the need for high interest loans. In these tough economic times these are critical factors playing a major role in getting through the hurdles of building and providing new housing. We have literally rolled up our sleeves and are ready to revitalize a struggling neighborhood while provide both seniors and low and moderate income families with far better housing options.”
- Dr. Walter McNeil, Jr., Executive Director of the Orange Housing Authority
The existing buildings are already vacated and under demolition. Residents have been provided Section 8 vouchers to relocate anywhere in the country. Ultimately, this revitalization project will improve the community and offer families and senior's rental units and home ownership opportunities, enhanced by a new community center, new streets and vastly improved community services. Required by IRS guidelines, OHA will need to implement plans within 24 months of the award date. In turn, residents and the entire City of Orange can look forward to a quick and successful transformation.
• Media tours of the site and construction plans schematics are available.
OHA Officials are available for interviews.
