McManimon, Scotland & Baumann, LLC represents the Housing Authority of the City of Orange and its nonprofit affiliate, the Orange Housing Development Corporation, in the development of a three-phase project known as the Dr. Walter G. Alexander Village redevelopment project, which provides high-quality, affordable housing opportunities to families in Orange, New Jersey. The first phase (consisting of four 3-story buildings with a total of 66 new units of affordable housing, a community center, and on-site parking) and the second phase (consisting of 48 age-restricted rental units with a garden area as well as on-site parking) are now complete. Development is complete on the third stage of the Dr. Walter G. Alexander Village, which consists of two new buildings: (i) a 3-story building containing 16 residential rental units, and (ii) a 4-story building containing 26 residential rental units and a 4,100 square feet community center.
McManimon, Scotland & Baumann assisted the housing authority in structuring the financing for the project, which financing consisted of several funding sources, including American Recovery and Reinvestment Act of 2009 funds, Housing Replacement Factor funds, low-income housing tax credit equity, and New Jersey Housing and Mortgage Finance Agency permanent and construction financing. McManimon, Scotland & Baumann also prepared the incorporation paperwork, bylaws and an application for 501(c)(3) status for the Orange Housing Development Corporation, which entity serves as the development corporation responsible for the demolition of the existing buildings and redevelopment of the entire area.
The Dr. Walter G. Alexander Village, Phases I and II, won the 2014 Excellence in Housing and Economic Development Award in the category of “Leading Housing Revitalization Award (Rental)”. This award is given to “the most outstanding housing and economic development projects and partnerships throughout New Jersey. The state award program celebrates the best in housing revitalization, public-private economic development partnerships, and supportive housing developments that strengthen the vitality of our communities, contribute to economic growth, and demonstrate the potential to have a lasting impact.” For more information on this project, please contact Glenn F. Scotland.
For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.