NJRA Project Impact
NJRA provided a $250,000 loan under the New Jersey Predevelopment Loan Program (“NJPLP”) to Christ Care Unit Missionary Baptist Church Community Development Corporation (CCUCDC) to cover predevelopment expenses for the construction of 250 units of senior independent living complex in Winslow Township, NJ.
The NJRA provided $1.4 million through the Urban Site Acquisition (USA) Program to International Senior Development to purchase seven lots in order to develop Woodbury Mews Senior Campus. This adult living housing complex consists of 5 buildings which providest housing and easy accessibility of medical services to hundreds of senior citizens in the community.
NJRA provided a $10 million New Markets Tax Credit Allocation to The Salvation Army, Eastern Territory to help complete construction and equipage of the The Kroc Center in Camden, New Jersey. The Kroc Center in funds will be used to support the completion and equipage of the early childcare, health clinic and food pantry components of the project.
NJRA provided the Elizabeth Housing Authority with $750,000 through the Urban Site Acquisition loan program for the acquisition of properties in the Elizabethport section of Elizabeth, NJ. Through the assistance of the USA funds the Elizabeth Housing Authority secured 5 lots which became 35 new affordable housing units for low and moderate income families.
The Cornucopia Cruise Lines received a $1,250,000 loan through the NJRA’s Environmental Equity Program. Cornucopia Cruise Line, Inc was designated by the City of Perth Amboy as the redeveloper for the IGI Petroleum Specialties Brownfield’s site. Cornucopia remediated and redeveloped a 15-acre site in to a new cruise facility that which allowed for the addition of a ticket office, parking area, storage facility, dock and berthing pier. This project also enabled Cornucopia to maintain 22 jobs and add 11 new employment opportunities.
NJRA provided $537,000 to Newark Refrigerated Warehouse (NRW) through a Working in Newark Loan (WINN) as permanent financing for the creation of a Juice Pumping Facility and the installation of energy conservation upgrades to the existing warehouse facility.
NJRA provided $600,000 through the Redevelopment Investment Fund for equipment financing and the build out of a national franchise restaurant, the International House of Pancakes (IHOP). The project seats 212 customers and has a staff of 90 employees. During the build out phase of the project an estimated 90 construction jobs were created.
NJRA provided the Genesis Jersey City Partners with a $801,000 loan from the NJRA Urban Site Acquisition Program to pay for costs associated with the development of the Webb Apartments Redevelopment project in Jersey City. The Webb Apartments consist of a 5 story, 60,000 square foot, mixed-use building housinge 40 affordable rental apartments with approximately 10,000 square feet of ground floor retail and community space.