Denholtz Properties announces that their Union Plaza and Rahway Plaza apartment complexes have each received a rating of Excellent from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) during their annual Managing Agent Evaluation program. Denholtz Properties has received the top recognition from the NJHMFA in 11 of the past 12 years and 16 times overall.
Each year, The NJHMFA conducts comprehensive evaluations of every building in New Jersey developed through the Internal Revenue Service’s Low-Income Housing Tax Credit Program (LIHTC). Created in 1986, the LIHTC program is an indirect federal subsidy established to encourage the investment of private equity in the development of affordable rental housing for low-income households. Denholtz utilized the program in the construction of both Union Plaza and Rahway Plaza.
The NJHMFA’s evaluation process grades buildings on four components – physical condition, administrative activities, occupancy issues, and asset management and each is assigned a score from the NJHMFA. Following the in-depth review process, buildings can receive a score ranging from Excellent to Unsatisfactory.
Built around the goal of providing affordable and workforce housing in Rahway and Union City, Denholtz Properties’ Founder Jack Denholtz constructed the Rahway Plaza and Union Plaza high-rise apartment complexes in the 1970s. Featuring 240 apartments, Union Plaza’s one, two, and three-bedroom apartments offer residents with an ideal location in the heart of downtown Union City at 4501 Palisade Avenue. Residents can enjoy large terraces with panoramic views of Manhattan, a community room, a newly renovated playground and recreation area, and on-site storage facilities.
Situated at 1181 Main Street in Rahway, Rahway Plaza features 288 one, two, and three-bedroom apartments. Each unit boasts a private terrace and independently controlled heat and air conditioning. Additionally, a champion-size swimming pool, on-site parking, and laundry facilities offer residents with in-demand conveniences right outside their doors.
“For almost 50 years, Rahway Plaza and Union Plaza have stood as both a testament to Denholtz Properties’ residential managerial expertise and our commitment to creating spaces that people can be proud to call home,” said Steven Denholtz, CEO of Denholtz Properties. “As we embark on several ambitious residential projects in the coming years, these recognitions will continue to showcase our ability to successfully manage a wide range of residential buildings throughout the ups and downs of the real estate business cycle.”