Hudson Valley Property Group (Hudson Valley), an industry-leading affordable housing development firm, joined by partners New Jersey Housing and Mortgage Finance Agency (NJHMFA), the Department of Housing and Urban Development (HUD), Fannie Mae, and the City of Newark, celebrate the completion of the exciting $90M redevelopment of Pilgrim Baptist Village (PBV) Apartments, with $22M in renovations. Located in downtown Newark, NJ, in the Central Ward, the project provided extensive renovations to 305 units of affordable housing and preserved long-term affordability for residents.
“We are thrilled to celebrate the transformation of Pilgrim Baptist Village, providing refreshed apartments, new amenities, and continued affordability for residents of Newark,” noted Jason Bordainick, CEO and co-founder of Hudson Valley Property Group. “This project was successful and possible because of the collaboration of the community. We are thankful to the City of Newark, local elected officials, our financial partners, and residents for their support in the preservation of this critical housing and broader work to uplift the community as a whole.”
“The renovation of Pilgrim Baptist Village Apartments represents a strong case study for the preservation of essential affordable housing by transforming a challenged property into a modern, safe, and welcoming home for those who will reside in it,” said Melanie R. Walter, executive director, New Jersey Housing and Mortgage Finance Agency. “The road to revitalization has been long, but agency staff and our development and community partners worked hard and creatively, ultimately completing a transformation that will have a meaningful, long-term impact for the residents and the community.”
The project also commissioned community-inspired artwork by longtime Newark residents and artists Sulaiman Onque and Malcolm Rolling. Residents voted on their favorite concept and now a large painted mural is displayed prominently, visible to neighbors and visitors as they pass. The mural reflects the strength of a united community.
“As a longtime Newark resident, it means the world to me to see this materialize. It is an artistic display of positivity,” said Sulaiman Onque, mural artist. “This mural belongs to this community. Love it, share it, and be inspired by its message. It was created with love.”
Located on Bergen Street and Avon Avenue, the complex is made up of two clusters of project-based Section 8 family housing buildings – PBV I offering 153 apartments and PBV II offering 152. Renovations included major unit upgrades, a new energy management system, accessibility upgrades to units, common areas, and the site, and new roofing with insulation throughout and energy-efficient boiler replacements.
Upgrades to individual units include new kitchens including counters, cabinets, and appliances; Unit Entry Doors with Brushed Nickel Hardware; fixtures with water saving technology; toilets, faucets, showerheads, and bathroom sinks; energy-saving LED lighting upgrades; and life & safety improvements including circuit breaker panel and smoke detector replacements. Additional property upgrades include regrading of the site to improve site accessibility and site drainage; lighting package utilizing Energy Star lighting fixtures; advanced global security measures with camera monitoring and access control; and new perimeter fencing. During the renovation process, tenants were able to remain on the property, avoiding resident displacement.
The acquisition was financed through a 4% low-income housing tax credits, NJHMFA bonds, and Fannie Mae debt through Key Bank. Tax credit equity was provided by PNC Real Estate. The property receives subsidy through a long-term HUD project-based Section 8 HAP contract. The City of Newark supported the project with a new 30-year PILOT Agreement.
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