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Housing Alliance :: Press Releases

NewBridge Affordable Housing Initiative Progresses
Agency will create 100 new housing units by 2010

May 31, 2006 – Morris County, NJ – NewBridge continues to advance its full-scale affordable housing development initiative through the creation of partnerships, securing of grant monies and hiring of new staff.  Through these efforts, the agency is on its way to reaching its goal of creating 100 new permanent, affordable housing units in the next four years for those with disabilities, particularly those with special needs, and those with moderate and low incomes.

Since announcing the initiative earlier this year, NewBridge has been awarded nearly $200,000 from public and private sources that will be used for development and capital expenditures.  The agency has also secured an interest-free loan to offset out-of-pocket expenses associated with home buying and has hired its first Housing Development Director.

Local Municipalities Show Interest
As the agency makes progress in securing funding and investigating potential properties, local municipalities have expressed interest in working with NewBridge.  In doing so, municipalities will be able to meet the Coalition of Affordable Housing (COAH) requirements, which requires each municipality to have a set number of affordable housing units available in their towns.

First Capital Funding Secured
Through a partnership with the United Way of Morris County, NewBridge has been awarded its first capital funding — a $75,000 grant from the United Way's Safe and Vital Neighbors Program — resulting in an additional $300,000 in funding from the state for a total of $375,000 to be used for the purchase of new homes.

Under an initiative in former Governor Richard Codey's Task Force on Mental Health, the state will provide 80 cents for every 20 cents in  private funding raised to assist with providing affordable housing.

The United Way of Morris County was the first local financial supporter of NewBridge's Affordable Housing initiative.  That early community support provided the impetus to expand the program and secure additional funding.

"We are very excited that The United Way has stepped forward to help kick-start our affordable housing initiative," said Robert L. Parker, Executive Director, NewBridge.  "Between this grant and the matching financial contribution by the state, NewBridge is working toward securing its first two properties to help our neighbors realize the American dream of living in their own home."

Leading the Charge
NewBridge has also received two grants to oversee future supportive housing development strategies and activities.

Earlier this year, NewBridge was awarded a 16-month, $80,000 grant from the Department of Consumer Affairs, Office of Housing Advocacy and a $15,000 MetLife Foundation Supportive Housing Venture Grant from The Corporation for Supportive Housing (CSH), to create affordable housing.

Maximizing Every Penny
Thanks to an interest-free $50,000 pre-development loan from The Reinvestment Fund, NewBridge is able to make the most out of every dollar earmarked for this effort.

This loan frees up NewBridge's capital dollars and enables the agency to remain focused on securing additional properties.

While the initial progress is impressive, much more needs to be done.  Current supporters of the initiative have already agreed to provide additional funding and NewBridge is actively pursuing new grant opportunities and funding sources.

Contact
Melody Gocklin
Director of Housing Development
973.839.2521, x250