Villa Esperanza

265 Shephard Ave, Newark, New Jersey 7112

Village of Hope In 2004 M & M Development rehabilitated two abandoned buildings to create forty-four beautiful and affordable apartment homes. The two buildings have become jewels in the neighborhood and although they have been fully occupied and operational for years they still look as fresh and tidy as when they were just finished. With this project, M & M Development has proved that affordable housing, when well built and beautiful, can be the single most important tool to improve a neighborhood and the lives of the people that inhabit it.

Eligibility for Villa Esperanza

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 Villa Esperanza.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
Very Low Income (50%)	$42,650	$48,750	$54,850	$60,900	$65,800	$70,650	$75,550	$80,400
Low Income (60%)	$51,180	$58,500	$65,820	$73,080	$78,960	$84,780	$90,660	$96,480

Villa Esperanza Details

44 bedroom units.
Low-Income Housing Tax Credit (LIHTC)

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.