city-of-newark-municipal-council-meeting-agenda-november-6-2025_c06.pdf
30-year tax abatement for 120-unit affordable project
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Description
The Newark Municipal Council is considering a 30-year tax abatement for New Community Homes Development, LP for a $76.6 million, 120-unit affordable housing project with parking and community amenities at 202 South Orange Avenue. The ordinance would lock in the abatement term under the HMFA law for the Central Ward development.
Contract Details
Contract Amount
$76,623,794.00 (approximate total project cost)
Vendor
NEW COMMUNITY HOMES DEVELOPMENT LP
Agency
City of Newark, NJ
Contract Type
OTHER
Document Date
November 6, 2025
Contract Term
Thirty (30) year tax abatement
Renewal Info
Thirty-year long term tax abatement; renewal beyond this period is not specified.
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