New Hope Village

195 W Market Street , Newark, New Jersey 7103

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New Hope Village Details

  • 122 bedroom units.
  • Rental Assistance Payments (RAP)
  • Low-Income Housing Tax Credit (LIHTC)

Rental Assistance Payments (RAP)

Since this property has received funding through the HUD Section 236 program and the Rental Assistance Program (RAP), a tenant who earns 50% of the Area Median Income (AMI) or less qualifies for rental assistance. The rental assistance limits the tenant rent contribution to the greater of 10% of their gross income, 20% of their adjusted income, or a designated portion of welfare assistance. If a tenant's income is above the 50% AMI level, they may still qualify to live here but not benefit from the rent subsidy.

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

Newark HUD Rental Assistance Income Qualifications

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Newark but actual income limits may differ for units at New Hope Village.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $24,150 $27,600 $31,050 $34,500 $37,300 $40,050 $42,800 $46,630
50% $40,250 $46,000 $51,750 $57,500 $62,100 $66,700 $71,300 $75,900
80% $62,600 $71,550 $80,500 $89,400 $96,600 $103,750 $110,900 $118,050

New Hope Village is managed by Community Realty Management.

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