Member lender Metuchen Savings Bank, in partnership with the Thrift Institution Community Investment Corporation (TICIC), a loan consortium of the New Jersey League of Community Bankers, requested a $448,000 FHLBNY Community Investment Program (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.
CIP funds support homeownership and rental housing development projects that benefit individuals/families with incomes at or below 115% of the area median income. 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 mitigate interest rate risk. CIP Advances may be used to finance the purchase, construction, rehabilitation, refinancing, and/or pre-development of single-family, special-needs, and multi-family housing. For more information about the CIP Advance or to see if the project you have in mind qualifies, contact us at (212) 441-6850.
