New projectsHomeownership:Homeownership Initiative Phase IBND will develop nine homeownership units for low- and moderate-income Scattered Site HomeownershipBND is purchasing homes on scattered sites, helping to moderately rehabilitate them and reselling them to low- and moderate-income purchasers. The first of these homes is at 88 Fourth Street, Elizabeth, NJ. Funders include PNC Bank and the City of Elizabeth. Affordable Rental Housing:First Street Renaissance Greenwood Gardens Brand New Day is in the predevelopment stages to produce 11 units of affordable Mixed Use Rental:American LegionBND will rehabilitate 25 Union Place, Summit, NJ for the building owner, the American Legion, Lindsey Street Post. The two upper floors will contain 4 one- and two-bedroom units of affordable rental housing for low-income people. The first floor and basement will be renovated for the use of the American Legion Post and an office for a counselor and a computer lab for veterans and the tenants. There will be an elevator in the building for disabled residents. The total project cost is $1.3 million. The cost for the residential portion of the building is $1,100,000 and $200,000 for the commercial portion. The funders include the City of Summit, the State of New Jersey’s Department of Community Affairs, Union County’s CDBG and/or HOME programs, the Lena Willis Foundation and the Federal Home Loan Bank’s AHP program. Commercial Development:BND will renovate its current offices at 176 First Street to contain a state of the art Homeownership Center on the ground floor, including childcare area, classrooms, offices and small conference rooms. The Homeownership will be handicapped accessible. The upper floor will be converted from residential use to Brand New Day’s offices for its expanding staff. The total project cost is roughly $300,000.
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purchasers: 8 two- and three-bedroom condominium units and one four-bedroom house. The homeowners will largely come through Brand New Day, Inc.’s Homebuyers Education and Union County IDA Program. The units will be located at 144, 146, 148, and 150-152 First Street and 108 South Park Street in Elizabeth. Funders include NJ HMFA, City of Elizabeth, NeighborWorks America, Federal Home Loan Bank, Community Loan Fund of New Jersey, and The Reinvestment Fund. The units will be sold for $56,500 - $201,250 and the total development cost is roughly $2.3 million.
BND is in the predevelopment stages to produce 12 two-bedroom units of affordable rental housing at 217-219 First Street in Elizabeth. Funding will come from Neighborhood Revitalization Tax Credits, Elizabeth HOME funds, New Jersey Redevelopment Authority, NeighborWorks America, Low-Income Housing Tax Credits, Home Express, Sovereign Bank Foundation and the Federal Home Loan Bank.
rental housing at 65-67 Fourth Avenue in East Orange: four three-bedroom apartments, three two-bedroom apartments and four one-bedroom apartments. Funders will include NeighborWorks America, New Jersey Redevelopment Authority, New Jersey’s Department of Community Affairs’ HOME funding, Essex County, and the City of East Orange.