WoolmanSpring Inc.
Regency Park NSP2 Application
Citizen Comments
WoolmanSpring Inc. (“Woolman”), a 501(c)(3) charitable organization,intends to apply to the US Department of Housing and Urban Development (HUD) no later than July 15, 2009 for a $9.75 million grant under the Neighborhood Stabilization 2 Program (NSP2) of the American Recovery and Reinvestment Act of 2009 (ARRA). If granted, the NSP2 funds would be loaned by Woolman to an experienced affordable housing developer/owner. The developer/owner would use the NSP2 loan proceeds along with sale proceeds from 4% low income housing tax credits and other funds to acquire and rehabilitate Regency Park Apartments and Townhomes, a 162-unit elderly and multifamily affordable housing property located at 64 Regency Drive in Mount Holly, NJ. Total project cost is estimated to be $20,210,000.
The target geography for the NSP2 funds is Census Tract 7026.04 from Route 541/High Street to Washington Street. The project benefitting from the NSP2 funds will have a direct impact on the residents of the Regency Park Apartments and Townhomes as well indirect impacts on two adjacent neighborhoods known as Old Mill Village and The Gardens and the commercial shopping district along Route 541. The development effort will ensure the long-term availability of affordable housing in the Mount Holly area and mitigate the effects of a pending foreclosure.
Citizens are invited to write Woolman at grantProposal@woolmancdc. org with comments and requests for additional information by 2PM July 15, 2009.
Click here to download a copy of the narrative portion of the WoolmanSpring application to HUD for the Neighborhood Stabilization Program 2 under the American Rcovery and Reinvestment Act, 2009. The public is encouraged to read it and provide comments to us anytime at grantProposal@woolmancdc.org.