Developer building affordable housing complex in Jersey City

A New York-based developer will build a 64-unit apartment complex in Jersey City that will be entirely reserved for low- and moderate-income housing, city officials said Tuesday.
The firm, the Genesis Companies, will develop the property known as the Lena Frances Edwards Apartment buildings at 445 Ocean Ave., replacing a blighted property that has been demolished, according a to a news release. Five of the units will be dedicated to housing homeless veterans, while the overall complex will include 12 one-bedroom units, 36-two bedroom units and 16 three-bedroom units. Read article HERE

Rev. Calvin Butts seeks salvation for the church-based organization that resurrected Harlem

At least one major sale appears to have gone smoothly. This past May, Abyssinian sold 28 brownstones and low-rise apartment buildings for $26 million to a lower Manhattan-based group called Genesis Cos. The firm is run by Karim Hutson and Brian Benjamin, native New Yorkers who met at Harvard, where the Pathmark development was a case study in their business-school class. To Butts, these young developers personify everything he's tried to achieve.

“These are minority developers, young black men, and would they get an opportunity if not for me making sure they got it?” he said. “Back in the '80s when this land was available, no black developer had a chance at it.”  Read More

Political Climate Clouds MF Market

NEW YORK CITY—The Rent Guidelines Board’s unprecedented vote this past June for a freeze on rates for one-year leases in rent-stabilized apartments hasn’t exactly put a freeze on multifamily investment sales here.

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Jersey City affordable housing stock rises

JERSEY CITY – Mayor Steven M. Fulop announced on July 23 that 285 units of new affordable housing have been approved over the past three months and nearly $6 million of Affordable Housing Trust Fund dollars have been invested in projects citywide as the administration forges a state model on how to create affordable housing alongside market rate development. 

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New affordable housing projects approved in Jersey City

Nearly 300 units of affordable housing have been approved over the past three months in Jersey City, while nearly $6 million of affordable housing trust fund dollars have been invested in projects across the city, Mayor Steve Fulop announced today. 

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Brown Corporation elects 11 new trustees

At its May meeting, the Corporation of Brown University elected 11 new trustees and officially accepted more than $25 million in new gifts to the University. The Corporation’s Board of Fellows approved the awarding of more than 2,400 degrees at the 247th Commencement Sunday, May 24, 2015. 

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Certificate of Achievements

Genesis Companies received a certificate of achievement for completing the 2014-2015 Capacity Building Course for M/WBE Affordable Housing Developers