Cedar Crossing, Red Bank’s most ambitious effort at creating affordable housing in decades, has gotten a major financial boost.
The Federal Home Loan Bank of New York has awarded the planned 36-unit project $400,000 for construction costs, the bank announced last week.
The funds are to be directed to the project through the Red Bank Affordable Housing Corp., an all-volunteer non-profit organization that is guiding the project, to be built between Cedar and Catherine streets on the western flank of the New Jersey Transit rail line.
The FHLBNY announcement refers to “Cedar Crossings” as a 20-unit project, though the zoning board earlier this year OK’d 18 two-bedroom and 18 three-bedroom units..
Rev. Terrence K. Porter of the Pilgrim Baptist Church, who heads up the corporation, did not respond to a call for comment on the award and the apparent discrepancy.
From the FHLBNY press release, dated August 4:
The $400,000 grant will be used to help fund the construction of 20 two- and three-bedroom condominium units, all of which will be affordable to very low- and low-income families and will include a deed restriction that they remain affordable for future owners. The neighborhood in which the units will be built is a mixed-income neighborhood comprised of single-family homes, multi-family homes and commercial businesses. The project will be developed on vacant land that has been unused for years.
Additional financing will be provided by the State of New Jersey Housing and Mortgage Finance Agency, the Borough of Red Bank and Investors Savings Bank.
The borough paid $2.45 million for the 1.9-acre parcel in early 2007. Nearly all of that cost was covered by state funding.
The borough later designated its housing authority, which manages two federally subsidize rental complexes, to oversee the project, though a homeowners association will be formed to pay for snow removal and maintenance.