Mayor Gusciora Welcomes Large-Scale Affordable Housing Project into North Trenton
Administration’s Success in Unfreezing Federal Grants Helped Bridge Funding Gap
Trenton, N.J. – Mayor W. Reed Gusciora now held a groundbreaking event to flaunt Trenton’s most up-to-date housing project, which will make 72 units of sustainable and affordable housing units at North Trenton in the Fall of 2021.
“We are turning a once vacant lot into affordable homes for over 70 Trenton families,” stated Mayor Gusciora. “As a result of our success in restoring Trenton as a trustworthy steward of federal grants, we’ve been able to unfreeze millions of dollars in funding, including $800,000 in HUD Home Investment Partnerships money that helped push financing for this project over the finish line.”
The Patriot Village II project will comprise 11 one-bedroom components, 42 two-bedroom units, and 19 three-bedroom units, such as home reserved for displaced citizens, with a taste for veterans. Every floor will consist of laundry facilities and every unit will consist of stainless steel appliances, higher efficiency lighting systems, and spacious floor plans.
Trenton receives three entitlement grants Every Year in the U.S. Department of Housing along with Urban Development (HUD): the Community Development Block Grant (CDBG) Program, the Emergency Solutions Grant, and the Home Investment Partnerships Program (HOME).
For many years, these grants were suspended due to concerns that the town couldn’t properly handle the capital. Now that the government has set in place the proper staff, advisers, partners, and experience, those resources are once more in the city’s disposal. Back in April 2020, the town managed to make use of $800,000 in HOME funds to bridge the financing gap needed for Patriot Village II job.
Bank of America provides $18.3 million in construction funding and $14 million in low income housing tax credit equity to RPM Development to the building of Patriot Village II.
“Developments like Patriot Village II are great examples of how we can empower local neighborhoods and further our commitment to the communities that we serve,” stated Maurice Coleman, Senior Vice-President of Commercial Real Estate-Community Development Banking in Bank of America.
The job was also awarded low income housing tax credits in the N.J. Housing and Mortgage Finance Agency at the 2018 cycle. An award of $1.3 million was also procured in the Federal Home loan Bank of New York’s Affordable Housing Program to help fund the project.
All residents of Patriot Village II will have access to instructional activities for kids in addition to health and wellness activities.
“This project will increase spending at nearby restaurants and businesses in the North Ward,” stated North Ward City Councilwoman Marge Caldwell-Wilson. “We want to build a sense of pride in being a Trentonian. That’s why our community clamored for years to get a project like this one started.”
“After fourteen challenging years, we are very pleased to start construction on this ambitious project, and we look forward to having a positive impact on the neighborhood for many years to come,” stated Michael Knab, Senior Vice-President of Development to RPM Development. RPM Development Group, among the top developers of affordable housing in New Jersey, focuses on renovating vacant or abandoned properties.
The Gusciora Administration was likewise able to unfreeze years of CDBG funds. Consequently, the town recouped $1.5 million in HUD reimbursements and is presently able use $3.75 million in CDBG funds to assist restore childhood programs, parks, senior centers, community recreation areas, in addition to rehabilitate homes and supply first time homebuyer assistance.
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