Congressman Andrews Announces $3.2M to Create Jobs and Preserve Affordable Housing in Pennsauken
Camden, NJ – January 24, 2014 – (RealEstateRama) — Last Wednesday, Congressman Andrews announced a $3.2 million grant from the Federal Home Loan Bank of New York (FHLB). According to the FHLB, the grant will create between 75 to 100 constructions jobs in South Jersey. The grant, part of the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act 2013, will pay for the rehabilitation of a 304-unit affordable housing community in Pennsauken known as Sycamore Ridge, which is in critical need of upgrades and repairs to remain a viable and safe option for South Jersey families to live.
Sycamore Ridge is a garden-style apartment complex containing 18 buildings with 152 one-bedroom apartments, 142 two-bedroom apartments and 10 three-bedroom apartments. The property also includes an on-site management office, community room, central laundry facilities and outdoor playgrounds. This project aims to rehabilitate Sycamore Ridge to a standard of quality high enough to ensure the property remains safe and meets the needs of families for the next thirty years.
Congressman Andrews stated, “This project will create more construction jobs in South Jersey and more economic stability for the Pennsauken community… This grant awarded today will help avoid the loss of this important affordable housing resource for Pennsauken. I am happy to support initiatives that are helping to create a safer and happier environment for the citizens of South New Jersey to raise their families.”
The grant is part of $35.5 million in Affordable Housing Program (“AHP”) subsidies that the Federal Home Loan Bank of New York will award in 2014. These grants were made possible by the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2013 which Congressman Andrews voted for. It will help finance 48 affordable housing initiatives which will create or preserve 3,072 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, Florida, Maryland and Pennsylvania. The 12 Federal Home Loan Banks have distributed more than $4.8 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP supported 1,386 projects with nearly $475 million in grants, helping to create or preserve 60,250 units of affordable housing and generating an estimated $8.5 billion in total development costs.
