{"id":30247,"date":"2021-10-03T02:34:00","date_gmt":"2021-10-03T09:34:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=30247"},"modified":"2026-02-22T15:30:10","modified_gmt":"2026-02-22T23:30:10","slug":"committed-to-housing-preservation","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/","title":{"rendered":"Committed to Housing Preservation"},"content":{"rendered":"\n

Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major revitalization effort at the site. The project is a step forward for The City of Newark in addressing a growing call for affordable housing in the area.<\/p>\n\n\n\n

Lincoln Park Towers revitalization<\/strong><\/p>\n\n\n\n

Lincoln Park Towers contains 80 units spread across 17 stories. The senior affordable property was originally constructed in 1927 and is honored as a part of the Lincoln Park Historic District.<\/p>\n\n\n\n

\"\"
Image Courtesy of HudsonValleyPropertyGroup.com<\/figcaption><\/figure><\/div>\n\n\n\n

HVPG is beginning unit-level renovations as well as overall sustainability and safety upgrades: the firm will add new cabinets and countertops, eco-friendly fixtures, update smoke detectors and install emergency pull cords in all units.<\/p>\n\n\n\n

New amenities such as entertainment and fitness spaces, a community room with a kitchen, designated on-site parking, and laundry facilities are on the docket. The structure will also receive a makeover from top to bottom including a new roof, fa\u00e7ade facelift and repairs to the windows and elevators.<\/p>\n\n\n\n

In a nod to the modern age of senior housing, HVPG is including building-wide Wi-Fi au gratis for residents. It is estimated to save residents between $40-$70 per month. The site will be updated to facilitate high speed internet for those that purchase it.<\/p>\n\n\n\n

The firm will complete the project without displacing residents.<\/p>\n\n\n\n

The undertaking has a projected cost of $15.2 million.  Once complete, the housing will remain affordable thanks to a 20-year Housing Assistance Payment contract issued by the Department of Housing and Urban Development. Terms include a Section 8 agreement with units leased to residents earning no greater than 30% – 50% of the area median income.<\/p>\n\n\n\n

Fulfilling the mission to preserve and revitalize<\/strong><\/p>\n\n\n\n

Lincoln Park Towers marks the final investment for HVPG\u2019s first private equity real estate fund. The endeavor included $60 million of capital commitments and $120 million of co-investment equity. As a result, HVPG has been able to invest more than $1 billion in projects, honoring its mission to preserve the financial and physical stability of affordable housing. In total, 25 properties including more than 4,000 units will receive the updates needed to be viable housing.<\/p>\n\n\n\n

\u201cHVPG has developed a consistent process for revitalizing existing housing to preserve affordability, improve quality, and increase efficiencies,\u201d said Jason Bordainick, CEO and co-founder of HVPG during an interview<\/a> with Affordable Housing Finance. \u201cLeveraging private equity allows us to significantly expand our reach, earning a reliable return for investors while serving more residents and communities.\u201d<\/p>\n\n\n\n

Fulfilling the call for affordable housing in Newark, NJ<\/strong><\/p>\n\n\n\n

The revitalization of Lincoln Park Towers is representative of an approximately $14.7M investment into the City of Newark\u2019s affordable housing supply. Newark Mayor Ras Baraka on recently promised to create or preserve 6,600 affordable units in Newark by 2026.<\/p>\n\n\n\n

Though the quantity falls short of the 16,000-unit shortage cited by researchers<\/a> at Rutgers University, Baraka and his team are celebrating the step forward in the right direction.<\/p>\n\n\n\n

Baraka explains, \u201cWe have to keep building and doing what we can with the resources that we have and prayerfully we get some support from state resources and federal resources to continue to do this.\u201d<\/p>\n\n\n\n

Read the latest updates in affordable housing on our News page.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major revitalization effort at the site. The project is a step forward for The City of Newark in addressing a growing call for affordable housing in the area. Lincoln Park Towers revitalization Lincoln […]<\/p>\n","protected":false},"author":440,"featured_media":30248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3236,4],"tags":[26,165],"class_list":["post-30247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordable-housing","category-news","tag-affordable-housing","tag-yardi-client"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Committed to Housing Preservation\" \/>\n<meta property=\"og:description\" content=\"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-03T09:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:30:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/\",\"name\":\"Committed to Housing Preservation - Yardi Corporate Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg\",\"datePublished\":\"2021-10-03T09:34:00+00:00\",\"dateModified\":\"2026-02-22T23:30:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\"},\"description\":\"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major\",\"breadcrumb\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage\",\"url\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg\",\"contentUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg\",\"width\":1920,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.yardi.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Committed to Housing Preservation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\",\"url\":\"https:\/\/www.yardi.com\/blog\/\",\"name\":\"Yardi Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.yardi.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\",\"name\":\"Erica Rasc\u00f3n\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"caption\":\"Erica Rasc\u00f3n\"},\"description\":\"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.\",\"url\":\"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Yardi Blog","description":"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/","og_locale":"en_US","og_type":"article","og_title":"Committed to Housing Preservation","og_description":"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major","og_url":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/","og_site_name":"Yardi Blog","article_published_time":"2021-10-03T09:34:00+00:00","article_modified_time":"2026-02-22T23:30:10+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg","type":"image\/jpeg"}],"author":"Erica Rasc\u00f3n","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Erica Rasc\u00f3n","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/","url":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/","name":"Committed to Housing Preservation - Yardi Corporate Blog","isPartOf":{"@id":"https:\/\/www.yardi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage"},"image":{"@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg","datePublished":"2021-10-03T09:34:00+00:00","dateModified":"2026-02-22T23:30:10+00:00","author":{"@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac"},"description":"Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major","breadcrumb":{"@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#primaryimage","url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg","contentUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg","width":1920,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardi.com\/blog\/committed-to-housing-preservation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Committed to Housing Preservation"}]},{"@type":"WebSite","@id":"https:\/\/www.yardi.com\/blog\/#website","url":"https:\/\/www.yardi.com\/blog\/","name":"Yardi Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac","name":"Erica Rasc\u00f3n","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","caption":"Erica Rasc\u00f3n"},"description":"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.","url":"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/"}]}},"jetpack_featured_media_url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/09\/YB-RH14964-Hudson-Valley-Newark.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/30247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/users\/440"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/comments?post=30247"}],"version-history":[{"count":1,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/30247\/revisions"}],"predecessor-version":[{"id":30250,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/30247\/revisions\/30250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media\/30248"}],"wp:attachment":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media?parent=30247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/categories?post=30247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/tags?post=30247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}