"Designed to function as a true community, the Springfield Village Senior Residences further the City of Newark’s objectives to provide sustainable, high quality and affordable housing. Located off of Springfield Avenue, one of Newark’s primary commercial corridors, there is a wealth of conveniences within a 1/2 mile of the Village. These include public transportation, shopping, employment opportunities, medical facilities, public schools, recreational facilities and other neighborhood services. Only minutes away, it has easy access to all the culture that downtown Newark has to offer."
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.
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Newark but actual income limits may differ for units at Springfield Village Senior Residences.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$40,250||$46,000||$51,750||$57,500||$62,100||$66,700||$71,300||$75,900|
|Low Income (60%)||$48,300||$55,200||$62,100||$69,000||$74,520||$80,040||$85,560||$91,080|
Springfield Village Senior Residences is managed by RPM Development Group.