The Urban League of Essex County developed eight affordable two-family homes in Newark through this $5 million initiative. The project provided much-needed ownership opportunities to low- and moderate-income families.
Monge Capital structured NMTC financing to reduce capital costs and increase financial viability for this important homeownership initiative.
Estimated Economic and Social Impact
Development of 8 affordable two-family for sale housing units. ULEC will provide long term assistance to the new homeowners. Creation of over 80 construction jobs including jobs for motivated reentry candidates that receive workforce training in construction trades.
