New Hope Village

195 W Market Street , Newark, New Jersey 7103

Contact New Hope Village

New Hope Village is minutes from shopping, dining and entertainment and just 5 minutes to downtown and Newark Penn Station. The studio, 1-, 2-, 3-, 4-, and 5-bedroom apartment homes also provide easy access to major roadways and interstates.

Unit (Bd/Ba)	Ft²	Rent
Studio (Studio/1)	-	Call for Price
One Bedroom (1/1)	-	Call for Price
Two Bedroom (2/1)	-	Call for Price
Three Bedroom (3/1)	-	Call for Price
Four Bedroom (4/1)	-	Call for Price
Five Bedroom (5/1)	-	Call for Price

Eligibility for New Hope Village

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Newark but actual income limits may differ for units at New Hope Village.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person	9 Person	10 Person
30%	$25,600	$29,250	$32,900	$36,550	$39,500	$42,400	$45,420	$50,560	$0	$0
50%	$42,650	$48,750	$54,850	$60,900	$65,800	$70,650	$75,550	$80,400	$0	$0
80%	$66,300	$75,750	$85,200	$94,650	$102,250	$109,800	$117,400	$124,950	$0	$0

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Newark but actual income limits may differ for units at New Hope Village.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person	9 Person	10 Person
Very Low Income (50%)	$42,650	$48,750	$54,850	$60,900	$65,800	$70,650	$75,550	$80,400	$0	$0

New Hope Village Details

122 studio, one, two, three, four and five bedroom units.
Rental Assistance Payments (RAP)
Low-Income Housing Tax Credit (LIHTC)
Section 221 (d) (3)
Section 236

Property Amenities

Playground
Community Room
Off-Street Parking
Computer Room
On Bus-line
Laundry Facility

Office Hours

Day	Hours
Monday	9:00am-5:00pm
Tuesday	9:00am-5:00pm
Wednesday	9:00am-5:00pm
Thursday	9:00am-5:00pm
Friday	9:00am-5:00pm

Rental Assistance Payments (RAP)

Since this property has received funding through the HUD Section 236 program and the Rental Assistance Program (RAP), a tenant who earns 50% of the Area Median Income (AMI) or less qualifies for rental assistance. The rental assistance limits the tenant rent contribution to the greater of 10% of their gross income, 20% of their adjusted income, or a designated portion of welfare assistance. If a tenant's income is above the 50% AMI level, they may still qualify to live here but not benefit from the rent subsidy.

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

Section 236

Apartment communities that participate in the Section 236 program are required to ensure that their units are only available to families with incomes at or below 80% of the area median income. Rents at participating communities must be approved by HUD.