CPC and NJHMFA finance $1.214 million construction loan

The Community Preservation Corp. (CPC) partnered with The New Jersey Housing and Mortgage Finance Agency (NJHMFA) to close on a construction loan of $1.214 million to finance the new construction of five two-family homes scattered along a one block section of South Ninth St. between 12th and 13th Sts. in the North Ward of the city. These properties are part of a larger vacant land and building plan for the city and were acquired by the developer from the city specifically to create affordable housing. Construction financing for the homes includes CPC's loan of $607,163, financing of $607,163 from NJHMFA and a subsidy of $400,000 through N.J.'s Homeownership Incentive Fund (HIF) CHOICE program. The borrower is Mid Atlantic Investment Alliance. "CPC is delighted to partner with NJHMFA in the transformation of this vacant land into quality, affordable homes," said Annemarie Uebbing, VP and regional director of CPC's N.J. office. "This important project shows that CPC, HMFA and the city of Newark are committed to providing true homeownership opportunities to working families through traditional development and mortgage lending." "Helping to provide local residents with the prospect of becoming homeowners highlights CPC's mission not only in the City of Newark, but throughout the entire state of New Jersey," Uebbing said.