The Federal Home Loan Bank of New York Awards $3.5 Million to Valley National Bank for Affordable Housing Initiatives

FHLB

The Federal Home Loan Bank of New York awarded Valley National Bank $3.5 Million in Affordable Housing Program (AHP) subsidies to fund four projects in New Jersey that will result in 268 affordable rental units.  The Federal Home Loan Bank of New York’s AHP provides member-lenders with direct subsidies which are passed on to income-qualified households through sponsoring local community-based organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income families. Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization.

Valley partnered with Life Management Inc to submit three of these multifamily projects across Middlesex and Essex Counties and one project with Keansburg Housing Authority in Monmouth county. Together all four projects represent over $36 Million in housing and community development investment from the development of these initiatives that will be performed by RPM Development LLC. These projects will serve very low to moderate income families and include units for disabled and homeless households with supportive services.

One of these projects is the Hilltop Residences at North Caldwell, a 50-unit, 100% affordable redevelopment project adjacent to a new construction market rate home ownership development located in one of the wealthiest towns in New Jersey and the 34th wealthiest in America. RPM Development Group was selected to undertake the project after 17 developers submitted proposals in a highly competitive process.  The Hilltop Residences will increase the supply of high-quality, LEED-Silver certified affordable housing units for low- and moderate-income persons in a high-opportunity area. The units will feature in-unit washers and dryers, hardwood floors, spacious interior layouts, and private porches and a community building which will be home to social services programming led by RPM Management. The project will also feature walking trails and sidewalks, an open-air pavilion, and green space around the development. 

About Life Management
Life Management is a 501(c)(3) organization that fosters affordable housing and promotes quality of life for individuals vulnerable to crisis of daily living due to age, disability or socioeconomic status.

About Keansburg Housing Authority
The Keansburg Housing Authority (KHA) is a Section 8 and Public Housing Agency in Keansburg, New Jersey. Currently Keansburg Housing Authority manages approximately 300 active Housing Choice Vouchers. The KHA offers one public housing community with 80 units for senior/disabled individuals. 

About RPM Development
RPM Development, L.L.C is a limited liability company responsible for conducting the real estate development activities for RPM Development Group, the informal umbrella designation for the RPM group of companies that develop, construct, own, and manage affordable housing and mixed-income projects throughout the State of New Jersey. Its activities include, but are not necessarily limited to, site acquisition, land use approvals, negotiating development agreements, and arranging for project financing. Under the leadership of Edward Martoglio, founder and sole owner of RPM, a team of eight developers supported by an in-house legal team consisting of a general counsel and two paralegals have orchestrated the financing and approvals for redevelopment initiatives resulting in over 3,000 units of housing, 300,000 square feet of commercial space, and hundreds of millions in community investment over the past three decades. From predevelopment through stabilization, the Development team manages a network of trusted consultants with an in-depth knowledge of and experience with all aspects of the development process.

About Valley
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with over $28 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, Florida and Alabama. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service. For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call our Customer Service Center at 800-522-4100.