NEWARK-The construction of five affordable, two-family homes in Newark have been completed thanks in large part to a $1.21-million construction loan from the Community Preservation Corp., a non-profit affordable housing lender, and the New Jersey Housing and Mortgage Finance Agency. The borrower is Mid-Atlantic Investment Alliance.

These properties, scattered along a one-block section of S. 9th St. between 12th and 13th streets in the North Ward section of Newark--which are part of a larger vacant land and building plan for the city--were acquired by the developer from the city with the goal of constructing affordable housing and received construction financing. The new homes are located in Essex County, in an area with 32% of the population below the median income.

Construction financing for the homes includes CPC’s $607,163 loan; $607,163 from NJHMFA; and a subsidy of $400,000 through New Jersey’s Homeownership Incentive Fund's Choice program, as well as $348,614 in Strategic Zone Lending funds. Homes sold for as little as $126,000 for a low-income family and up to $250,000 for middle-income households. Annemarie Uebbing, vice president and regional director of CPC’s New Jersey region, tells GlobeSt.com that this deal will transform a large vacant parcel of land into new homes.