With MS&B’s support, the Newark Housing Authority (NHA) is making long-awaited progress on a group of low-incoming housing projects.
With MS&B’s support, the Newark Housing Authority (NHA) is making long-awaited progress on a group of low-incoming housing projects.
MS&B, led by Bakari G. Lee, recently represented the Newark Housing Authority (NHA) in a complex transaction to acquire 263 public housing units. These units were originally constructed through the U.S. Department of Housing and Urban Development’s (HUD) Hope VI grant program, a resource designed to transform public housing nationwide.
Alongside the HOPE VI grant, the units were also financed by low-income housing tax credits (LIHTCs) and loans from the New Jersey Housing and Mortgage Finance Agency (NJHMFA), the Department of Community Affairs (DCA), NHA, and others.
The units were subject to NHA purchase option rights, which the NHA exercised. MS&B helped the NHA navigate a stringent approval process that included NJHMFA, DCA and HUD. We also worked with NHA’s financial advisors to secure acquisition loan financing from the City of Newark.
Ultimately with MS&B’s guidance, NHA was able to obtain the necessary approvals and acquire the developments despite multiple challenges. The acquisition represents one of the first in a series of acquisition exits by public housing agencies of HOPE VI grants combined with LIHTCs.
MS&B is proud to assist the NHA in ensuring that affordable housing remains available for residents of the City of Newark.