25-49 Somerset St., Newark, NJ 07103
Waiting List Forecast: Likely Short or None
Verified for 2022 by Connor Bailey| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 2 - 3 Beds | 1 Bath | 950 - 1,155 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
Somerset Brownstones is a new affordable community that consists of two (2) and three (3) bedroom apartments. Your new apartment has everything that you need; spacious living area with engineered hardwood floors, central air, free parking Each apartment home is equipped with an energy-efficient refrigerator and stove with spacious countertops fully ready to accommodate the chef in you They have also included washer/dryer connections.
Because Somerset Brownstone participates in HUD's HOME program for rental housing and the LIHTC program, at least some of the units in this property are set aside for households earning 60% or less of the AMI and rents are capped at the local FMR and in many cases much lower. For a HOME project of this size, some of the units are set aside for households at or below 50% AMI with a corresponding lower rent cap. As this property appears not to have a project-based subsidy or any other Federal assistance, you likely will have to pay your own rent, albeit, at a lower rent amount thanks to the HOME and LIHTC programs. Since this property participates in the HOME and LIHTC programs, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Two Bedroom (2/1) | 950ft2 | Call for Price† |
| Three Bedroom (3/1) | 1155ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $42,650 / year | $48,750 / year | $54,850 / year | $60,900 / year | $65,800 / year | $70,650 / year |
| 50% AMI for PBRA Units | $42,650 / year | $48,750 / year | $54,850 / year | $60,900 / year | $65,800 / year | $70,650 / year |
| 60% AMI for LIHTC Units | $51,180 / year | $58,500 / year | $65,820 / year | $73,080 / year | $78,960 / year | $84,780 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Somerset Brownstone have a waiting list?
Somerset Brownstone probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Somerset Brownstone?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Somerset Brownstone?
Somerset Brownstone is managed by The Michaels Organization headquartered in Camden, NJ.
In addition to Somerset Brownstone, how many other affordable housing properties (and units) are there in Newark?
In addition to Somerset Brownstone, we list 185 other affordable properties in Newark. Learn about these properties here. Our data research shows that there are a total of 23374 affordable units in Newark.
When was the Somerset Brownstone listing last updated?
Somerset Brownstone listing on Affordable Housing Online was last updated on 12/28/2022 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
Search local listings for available Section 8 apartments.
Apartments and homes listed for rent locally may accept a Section 8 voucher, even if the listing doesn't mention the program.Selina Irene says:
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