CIP Success Story: Metuchen Savings Bank Helps Refinance
Transitional Housing Facility in Essex County, New Jersey
Member lender Metuchen Savings Bank, in partnership with the Thrift Institution Community Investment Corporation, a loan consortium of the New Jersey League of Community Bankers, requested a $448,000 HLB CIP commitment to refinance New Community Corporation’s (“NCC”) Harmony House.
Founded by a group of dedicated and visionary Newark residents in the aftermath of the 1967 summer disorders, NCC is one of the nation’s largest and most comprehensive community development corporations. Harmony House, a 102-unit supportive housing complex located in Essex County, is one of NCC’s transitional housing facilities designed to help low-income homeless families move from the despair of homelessness to the dignity of independence. Harmony House opened its doors in 1990 and has since provided a full range of social services, including: childcare, after-school programs, relocation assistance, adult workshops and classes, job training (including GED preparation) and placement, job search training, and links to community resources.
Community Lending Program (“CLP”) Advances are the lowest-priced HLB Advances made available to help you strengthen your community and assist with your CRA performance. Long-term funding is available with any CLP Advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to hedge interest rate risk. For more information about our CLP programs or to see if the community development project you have in mind qualifies, contact your Calling Officer today at (212) 441-6700 or Joseph Gallo, Community Investment Officer, at (212) 441-6851.
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