The Federal Home Loan Bank of New York (FHLBNY) Awards $3.1 Million to Valley’s Affordable Housing Program in Jersey City

News | 1/29/2019

WAYNE, N.J. – Tuesday, January 29, 2019 – The FHLBNY awarded Valley, RPM Development Group and Life Management, Inc. an Affordable Housing Program (AHP) grant subsidy of $3,179,201 for the Jackson Green Affordable Housing Program.

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 prgram must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization.

Jackson Green is a scattered-site, mixed-use, mixed-income rental development featuring 99 apartments and 3 retail spaces across 5 sites located around Jackson Square, a transit-rich center of municipal and community activity in Jersey City. 54 units will be affordable to low-income households at or below 50% area median income. The remaining 45 units are unrestricted market rate units and each building is at least 40% affordable. All buildings will be designed to achieve at least LEED Silver (Leadership in Energy and Environmental Design) and ENERGY STAR® Certifications. Approximately 3,330 square feet of retail space will activate the Ocean Avenue and Dr. MLK Drive corridors. The program is expected to be in operation by 2020.

Conveyed through a Redevelopment Agreement with the Jersey City Redevelopment Agency and funded via Jersey City HOME, Affordable Housing Trust Fund, and 95/5 programs, the Hudson County Division of Housing & Community Development and a Low-Income Housing tax Credit (LIHTC) from the New Jersey Housing & Mortgage Finance Agency, the total Program Development costs are estimated at $29.9 Million.

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 4,500 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 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 Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $31 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates more than 230 branches across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Service Center at 800-522-4100.