Congressman Bill Pascrell, State Assemblyman Gary Schaer And Passaic Mayor Dr. Alex Blanco Announce New Housing Project In City Of Passaic

WASHINGTON, DC – October 26, 2009 – (RealEstateRama) — U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today joined State Assemblyman Gary Schaer and Passaic Mayor Dr. Alex Blanco to announce the opening of seven new three-story units on Broadway that constitute the city’s newest affordable housing project. 

“I’m proud that the City of Passaic, the Housing Authority and the Department of Housing and Urban Development were able to find ways to collaborate across multiple levels of government to provide some much needed affordable housing,” said Pascrell. “The purchase of this complex will allow seven Passaic County families, many of whom have been hit hard by this recession, to have a new beginning.”

The City, in partnership with the Upper Monroe Street Improvement Corporation has purchased seven three-story condominiums.  Upper Monroe Street Improvement Corporation will market and sell the units to eligible low and moderate-income City of Passaic residents.

The acquisition cost was $1,526,000.00, with $592,000.00 coming from a TD Bank loan and $1,100,000.00 of the cost coming from the Department of Housing and Urban Development’s HOME grant program.  HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. Each year it allocates approximately $2 billion among the States and hundreds of localities nationwide.

HOME provides formula grants to States and localities that communities use-often in partnership with local nonprofit groups-to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people.

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For Information Contact
Paul Brubaker (973) 523-5152