NSP2 NOFA Application Press Release July 6, 2009 1 by AttFarrell


									NSP2 NOFA Application
Press Release: July 6, 2009
                            DEVELOPMENT COMPANY


The Housing Authority of the City of Camden (HACC), along with non-profit consortia partner, The
Heart of Camden, Inc. and for-profit partner, Michaels Development and Pennrose Properties will be
submitting an application to the U.S. Department of Housing and Urban Development (HUD), under the
Housing and Economic Recovery Act of 2008 (HERA), for a Neighborhood Stabilization Program 2
(NSP2) grant on July 17, 2009.

The application is for neighborhoods in the southern portion of the City of Camden, New Jersey, locally
known at Liberty Park, Waterfront South, and Morgan Village (also known as census tracts 6016, 6018,
and 6019). The application will be for funds to support a neighborhood revitalization program that
addresses the problems associated with homes that have been foreclosed upon and/or vacant properties.


The NSP2 program sets forth a threshold requirement for a foreclosure needs index score need factor
which is based on the foreclosure or vacancy risk calculated by HUD for the target geography. As
required by the threshold criteria of the program, the combined index scores for the three target
neighborhoods mentioned above equate to 18.

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NSP2 NOFA Application
Press Release: July 6, 2009
The eligibility threshold calculations for the neighborhoods in this redevelopment program are
specifically expressed as follows:

        Neighborhood             Census Tract              Foreclosure            Vacancy

        Liberty Park             6016                          19                   19
        Waterfront South         6018                          17                   17
        Morgan Village           6019                          18                 17

Two of the three census tracts are Camden City neighborhoods which had the 2nd highest number of
foreclosures and the 2nd highest percentage of vacant residential properties in of all 21 Camden City
census tracts.

The proposed redevelopment program specifically includes a plan to acquire and rehabilitate 100 units of
currently vacant housing that, once complete, will be sold for homeownership throughout the core
residential areas of both the Waterfront South and Liberty Park neighborhoods. In this capacity, the Heart
of Camden, Michaels Development and Pennrose Properties will be working in close collaboration with
the Liberty Park Neighborhood Association to best address the community needs and assuring
compliance with the Liberty Park Redevelopment Plan. The program also includes the demolition of 23
vacant and blighted properties, which is adversely affecting market values and sales in the Waterfront
South neighborhood. These determined properties are no longer habitable and will be cleared in
expectation of future, more desirable reuse. Lastly, the program also includes the new construction of 70
units of mixed income, social service enriched rental housing on publicly owned vacant parcels in the
Morgan Village neighborhood.

In summation, the 193 unit application is for a total amount of $25,000,000 and breaks down as follows
with regard to production by eligible category:

       Production Goals                                                     Units Amount
       Purchase and rehabilitate homes and residential properties that
       have been abandoned or foreclosed upon, in order to sell (HERA
       use B)                                                               100          $9,759,420
       Demolish Blighted Structures (HERA use D)                            23             $470,580
       Redevelop demolished or vacant properties as housing (HERA use
       E)                                                                   70        $14,770,000
       Total                                                                193       $25,000,000

All activities will be carried out over the required 3 year timeframe.

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NSP2 NOFA Application
Press Release: July 6, 2009
The requested dollars will continue the revitalization efforts in these neighborhoods which have been
occurring for the past five years and with significant public and private investments – over $60 million -
in new schools, streetscapes, a modern conference center, and rehabilitated housing. Current
redevelopment plans also include new rail lines and transportation routes that will promote greater
economic and environmental sustainability in the neighborhoods. This NSP2 redevelopment program will
serve to further stabilize these neighborhoods and stimulate subsequent investment.

The Waterfront South, Liberty Park, and Morgan Village neighborhoods surround the Centerville
Neighborhood (census tract 6017) which, in the past five years, has seen over $100,000,000 in
investment. These moneys leveraged the removal of the old blighted barrack style public housing at
Roosevelt Manor, which was replaced with over 400 modern energy efficient townhouse style units, and
the new construction of a community center and a free public library. This targeted redevelopment
program, supported by our experienced team, will build upon the recent successes in the community, most
significantly the Centerville HOPE VI program, and serve to make a long lasting transformative impact.

The impact of this plan will be significant in all three neighborhoods. It will address 70% of the
vacancy issues of Waterfront South and Liberty Park. This plan also begins the revitalization of
Morgan Village, complementing the two new constructed and rehabilitated schools in Morgan
Village, and greatly enhancing the quality of the life for the local residents. With critical modern
light rail transit plans announced that utilize these neighborhoods, this plan is the type of
sustainable vision that will bring South Camden into the modern century.

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