Newark: It's Your Move
Their names are Maria Yglesias and Maria Del Mar Lopez, but to people in the industry, the dynamic duo and principles of Newark-based M & M Development are known simply as “The Marias”. Both immigrants from Spain, the Marias founded M & M in 1997 with the belief that a home is much more than four walls and a roof. The two were committed to creating affordable housing which could improve urban neighborhoods and the lives of the people in those communities.
M & M’s numerous developments in Newark, including their award-winning affordable rental project in the South Ward, Villa Esperanza, are a testament to their commitment and success. M & M’s buildings have become a beacon in the community and have raised the bar for future affordable housing projects.
In addition to receiving funds from the New Jersey Housing & Mortgage Finance Agency, Essex County Home Funds, and City of Newark Home Funds, M & M Development was also the recipient of a $100,000 loan from the Brick City Development Corporation Bonding Assistance Fund. Under that agreement, M & M Development will provide subcontracting opportunities for qualifying minority- and female-owned Newark-based firms as well as paid apprenticeship/mentoring for start-up Newark-based firms that need projects to build their work experience.
The Marias were also participants in the BCDC Bonding Assistance Program, which offers educational, networking and capacity building opportunities to small, local, minority and women business enterprise contractors.
At a recent ground breaking for M & M Development’s Harmony Square project, which will create 45 units of new housing and 16 rehabilitated rental units, principal Maria Yglesias commented on the wide range of benefits that the development will have on the community saying, “This project will provide $7 to $10 million worth of 10-month construction jobs, which are opportunities for small construction minority-owned businesses and local residents. The idea was to employ and give opportunities to Newark residents in partnership with Brick City Development Corporation and the City of Newark, and that is happening. We fought hard at M & M for home ownership in this neighborhood, and that is also happening. Today is all about the future.”
To learn more about M & M Development visit www.mmdevelopmentllc.com