NON-PROFIT AGENCY CONSTRUCTS AND SELLS AFFORDABLE 2-FAMILY HOMES IN DECLINING HOUSING MARKET

East Orange, NJ – June 18, 2008 – A non-profit agency based in East Orange, New Jersey has managed to defy the odds by selling affordable homes in the midst of a national declining housing market and local foreclosure crisis.

Under the leadership of Executive Director Lancie W. Marchan, the East Orange Revitalization & Development Corporation (EORDC) enabled six families to purchase newly-constructed two-family homes. To celebrate this historic event, a ribbon cutting ceremony and property viewing was held on Tuesday, June 17^th at 10:00 a.m. Dignitaries including Mayor Robert L. Bowser; City Council Chairwoman Quilla E. Talmadge; Everett Jennings and Goldie Burbage, members of the EORDC Board of Directors and the East Orange Historical Society; Glenn K. Arnold, Manager for the Division of Neighborhood Housing and Revitalization; Ernest Freeman, Director for the Department of Policy, Planning and Revitalization, and members from the six families receiving the homes were present to mark this significant event.

With the support of housing subsidy funds from the City of East Orange Neighborhood Housing & Revitalization Division, the U.S. Department of Housing and Urban Development (HUD) and a construction loan from Crown Bank, each homebuyer will be able to access attractive mortgage rates from the Neighborhood Assistance Corporation of America (NACA).

The mortgage rates are far below current market rates which includes “interest buy down” rates of 0% to 1.25% percent.

The construction of these six homes has helped to revitalize a previously blighted block, restoring it to a safe community located on historic Princeton Street.  Last year, the City of East Orange also contributed in the restoration of the block with a newly paved road, new sidewalks and planted trees, as well as modern lighting.

Through the efforts of EORDC, the City of East Orange will receive tax ratables on land that has been dormant for many years.  The new homeowners and tenants will live in spacious 4,300 square foot units with off-street parking.

EORDC is a city-certified housing development organization, and Community Housing Development Organization  (CHDO) is a program which is a funded by HUD-funded program that gives local and non-profit entities a chance to build and revitalize housing.

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