Genesis Cos. on May 12 announced the groundbreaking of a new, ground-up 61,000-square-foot senior supporting housing development in East Orange.
Located at 160 Halsted St., the 60-unit building is being constructed in partnership with the East Orange Housing Authority and fellow co-developer The Metro Co.
The community will be 100% affordable and comprised of 52 one- and 8 two-bedroom residences.
Genesis is participating in the Service for Independent Living program for all seniors. While in conjunction, supportive services, through Bridgeway Rehabilitative Services, are available to residents through the Housing Authority’s existing programs and several units will accommodate the needs of residents with disabilities. The partnership guarantees the long-term affordability of the residences.
“The need for quality, affordable senior retail residences is urgent across the state of New Jersey and public-private partnerships, like this one, provide a framework for future developments,” said Karim Hutson, founder and managing partner at Genesis Cos. “As real estate developers, we are pivotal in creating solutions that meet the needs of our communities and we’re proud to be advancing developments across the region that provide housing for those with the greatest need.”
The residences will be available to very low-, low- and moderate-income groups, with 25% of the projects specifically set aside for the homeless in need of permanent supportive housing in the county.
“This redevelopment, part of our ‘Building Homes, Changing Lives’ program, will greatly enhance the quality of life for the property’s residents and provide services that are too often overlooked,” said Wilbert Gill, executive director of the East Orange Housing Authority. “As we continue to create new solutions to maintain affordability for all our residents, partnerships with companies like Genesis Companies are more important than ever.”
Financing for the project’s rehabilitation was originated by Citibank, Bank of America, National Equity Fund LIHTC Equity, U.S. Department of HUD and Federal Home Loan Bank AHP Grant. DMR Architects designed the senior supportive housing development in collaboration with general contractor ETC.