Ribbon Cutting Ceremony to be Held on Friday, July 29 at 9:30 AM at 117-119 Bostwick Avenue
Speakers include Mayor Healy, State Senator Cunningham, DCA Commissioner Grifa, CAPC President Meyer
JERSEY CITY, NJ – July 28, 2011 – Just six months ago, the brick apartment building at 117-119 Bostwick Avenue sat vacant and foreclosed, a blemish on a residential block in the Greenville neighborhood of Jersey City. Today, the building is fully revitalized: it now contains 13 quality affordable two-bedroom rental apartments and is the largest project in New Jersey to be completed using funds from the federal Neighborhood Stabilization Program (NSP). On Friday, July 29 at 9:30 AM, the partners who collaborated to complete the redevelopment will hold a ribbon-cutting ceremony to mark its momentous restoration.
The unique partnership responsible for this redevelopment–the Community Asset Preservation Corporation (CAPC); Alliance Construction Group, LLC; and the Urban League of Hudson County–targeted the Bostwick property as a prominent part of a six-block revitalization plan. CAPC purchased the property from Jersey City at an affordable price using Alliance’s NSP Award; financing from parent organization New Jersey Community Capital; and its own real estate expertise. As Alliance efficiently completed reconstruction, the Urban League began advertising the redeveloped units to potential renters. Nine units are already in the leasing process, and the partners expect to achieve full occupancy by September.
Jersey City Mayor Jerramiah T. Healy is among the leaders scheduled to speak at Friday’s ceremony. He will be joined by New Jersey State Senator Sandra B. Cunningham, who serves the Greenville community and is one of the foremost supporters of community revitalization in the state. “To rebuild a dilapidated apartment building into 13 beautiful new homes for low-income families is great,” said Senator Cunningham. “To do so in less than six months is exceptional. Jersey City is very fortunate to have such an efficient and exemplary minority contractor as Alliance Construction Group.”
Also scheduled to speak are Lori Grifa, the Commissioner of New Jersey’s Department of Community Affairs, and Wayne Meyer, President of CAPC and New Jersey Community Capital. “We are thrilled to be a part of the redevelopment of this long-standing and abandoned property and to reclaim such an important community asset,” said Mr. Meyer. “This building will provide local residents with transit-accessible affordable housing and contribute to the increased vibrancy in the neighborhood around MLK Boulevard. CAPC is proud of what our strong partnership has accomplished, and is looking forward to identifying similar opportunities for this neighborhood, and for other communities across the state.”
About New Jersey Community Capital and the Community Asset Preservation Corporation:
New Jersey Community Capital (NJCC) is a 501(c)3 nonprofit lender that works to transform at-risk communities through millions of dollars in annual investments towards affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs. In 2009, NJCC helped to form the Community Asset Preservation Corporation, an innovative approach to post-crisis property acquisition that uses bulk purchase arrangements to gain title to vacant homes and strategically works with local partners to return these homes to productive use. In its first two years, CAPC has acquired 73 properties, consisting of 153 housing units, in distressed areas across northern New Jersey. For more information on NJCC and CAPC, visit: www.newjerseycommunitycapital.org.
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