
Denholtz Properties Recognized for Excellence in Management of Union and Rahway Plaza Apartment Buildings by NJHMFA
Denholtz Properties announces that their Union Plaza and Rahway Plaza apartment complexes have each received an "Excellent" rating from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) during their annual Managing Agent Evaluation program. Denholtz Properties has earned this top recognition from NJHMFA 11 times in the past 12 years and 16 times overall.
Each year, NJHMFA conducts evaluations of every building in New Jersey developed through the Internal Revenue Service’s Low-Income Housing Tax Credit Program (LIHTC). Established in 1986, the LIHTC program is a federal subsidy created to encourage private equity investment in affordable rental housing for low-income households. Denholtz Properties utilized this program in the construction of both Union Plaza and Rahway Plaza.
The NJHMFA evaluation process assesses buildings based on four criteria: physical condition, administrative activities, occupancy issues, and asset management, assigning each component a score. After this comprehensive review, buildings receive a final score ranging from "Excellent" to "Unsatisfactory."
Union Plaza, built in the 1970s by Denholtz Properties’ Founder Jack Denholtz, is a high-rise complex featuring 240 one-, two-, and three-bedroom apartments in downtown Union City at 4501 Palisade Avenue. Residents enjoy large terraces with panoramic views of Manhattan, a community room, a renovated playground, and on-site storage facilities.
Rahway Plaza, located at 1181 Main Street in Rahway, features 288 one-, two-, and three-bedroom apartments, each with a private terrace and independently controlled heating and air conditioning. The property also offers amenities like a champion-size swimming pool, on-site parking, and laundry facilities.
“For almost 50 years, Rahway Plaza and Union Plaza have demonstrated Denholtz Properties’ residential management expertise and our commitment to creating spaces that people are proud to call home,” said Steven Denholtz, CEO of Denholtz Properties. “As we move forward with several ambitious residential projects, these recognitions highlight our ability to effectively manage a diverse range of residential buildings throughout the real estate cycle.”