As the demand for affordable housing continues to rise, local governments form unique partnerships to fill the need with efficiency and quality. Three Jersey City governmental agencies and two Yardi clients have joined forces to execute Bayfront Redevelopment Plan which includes the largest mixed-income housing development in the Tri-State region.  A clean slate The significance of the Bayfront Redevelopment Plan begins with its history. The West Side of Jersey City has had it share of ups and downs. The diverse neighborhood is currently experiencing a renaissance as a wave of investors aim to highlight the beauty of the neighborhood’s eclectic nature. The new development will breathe life back into the Hackensack Riverfront, making it a thriving part of the West Side rather than a forgotten nook. Additionally, the new development will provide the neighborhood with the economic stability that accompanies mixed-income housing. Bayfront Redevelopment Plan includes the transformation of the former Honeywell Corporation building which the City acquired in 2016 for $100 million. The site, which will remain in control of the City, will boost the local stock of affordable housing from 5% to 35%. The plan is a leap forward for the neighborhood, and it is a formidable feat. Making the vision into a reality has required the collaboration of multiple entities. Mayor Steven M. Fulop, the Jersey City Redevelopment Agency (JCRA), and the Department of Housing, Economic Development and Commerce (HEDC) represent local governmental agencies. Yardi clients Pennrose, LLC, and Omni America, LLC created the joint venture Bayfront Development Partners, LLC, which will handle development and construction at the site alongside BRP Development Group. Omni: for the love of community Omni is a black-owned firm that acquires, rehabilitates, builds and manages quality affordable housing throughout the United States.  The organization, which includes...

Is it possible to shorten the fallout of an economic crisis? Researchers at the University of Maryland believe it’s possible. Preventative measures can mitigate the impact of economic downturns by creating neighborhoods that are naturally resilient to variances in economic performance. Diverse neighborhoods, researchers propose, can decrease the rate of foreclosures and sales before and after economic crises strike. What puts homogeneous neighborhoods at risk?  After World War II, planners developed neighborhoods with a single income bracket in mind. Like their urban counterparts, these planned communities segregated individuals and families based on their earning power and, occasionally, place of employment. During difficult economic times, neighborhoods that lack diversity are prone to clusters of foreclosures and sales before and after the peak of the recessionary activity. Neighborhoods that relied heavily on one employer also suffered severe spikes in financial difficulties. The homogeneous nature of these neighborhoods left them vulnerable. If one company or industry suffered, the entire neighborhood suffered as well. Neighborhoods with high concentrations of bank-owned and for-sale homes take longer to recover from economic downturns. Residents that struggled with mortgages may have postponed home maintenance in an effort to conserve resources for mortgage payments. As a result, many foreclosed homes show signs of physical deterioration. Additional damages may occur during the eviction process. Neighborhoods with high concentrations of foreclosures and sales experience the devaluation of nearby homes. Additionally, as lender confidence decreases, so will investment in the area. To create neighborhoods that are more resilient in the face of economic trouble, University of Maryland researchers suggest that developers shift to mixed-income housing models. Uncovering the economic disadvantages of homogeneous neighborhoods The study began by creating a data set that logged zoning and foreclosures across 14 metropolitan statistical areas (MSA). Researchers selected MSAs from throughout the...