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Construction Complete on North Ward Housing

NEWARK-The five two-family homes were finished thanks in large part to a $1.21-million construction loan from the Community Preservation Corp. and the New Jersey Housing and Mortgage Finance Agency.

By Alyson Grala | Updated on June 11, 2010

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.

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