Unity Bank Loan Supports Mountain Lakes Veteran Low Income Housing Project
09 Giugno 2023 - 4:48PM
Unity Bank has provided a $350,000 commercial acquisition loan to
Nouvelle, LLC of Franklin Lakes to help fund a four-unit disabled
Veteran, low-income housing project at 367 Bloomfield Avenue, also
known as 367 Route 46.
Unity also sponsored Nouvelle for a $120,000
grant from the Federal Home Loan Bank of New York (FHLBNY)
supporting the project. The FHLBNY Affordable Housing Program
awards funds to the member lenders through a competitive process in
order to support eligible projects that create housing for lower
income families and individuals.
“We are thankful for the support of Unity Bank
and Commercial Loan Officer Vincent Forma for helping make this
project a reality,” said Luciano Bruni, Principal of Nouvelle, LLC.
“We look forward to completing construction by the end of the year
and providing housing to low-income, disabled Veterans through
Catholic Charities and the New Jersey Veterans SOS Stakeholders
Group. The apartment units are for Veterans with very low incomes,
defined as 30% or less of the average income for the local
community.”
Nouvelle acquired a 1.16 acre vacant lot for the
project. The company has received municipal approval to construct a
two-story, 4,456-foot building at the Bloomfield Avenue site, which
will house four two-bedroom apartments. Nouvelle develops, builds,
and manages affordable housing and special needs projects
throughout New Jersey. The company will continue to manage the
rental property following construction.
“The Mountain Lakes project is a great
collaborative effort that will benefit Veterans in the community,”
said Unity Bank President & CEO James A. Hughes. “We thank
Nouvelle for giving Unity Bank the opportunity to participate in
the initiative. Securing FHLBNY support can be a great way to bring
these projects to life and we look forward to participating in
similar community benefit initiatives.”
“The Federal Home Loan Bank of New York was
proud to join with our member, Unity Bank, in the true spirit of
our cooperative and deliver an Affordable Housing Program grant to
help fund 367 Route 46 and support the vital work Nouvelle does
every day,” said José R. González, president and CEO of the FHLBNY.
“Unity Bank’s overall support for this initiative shows the broad
impact the local lender has on its community, and that is why the
role the Federal Home Loan Banks play in supporting America’s local
lenders through our foundational liquidity mission is so
critical.”
State Senator Anthony M. Bucco (District 25),
Mountain Lakes Mayor Khizar Sheikh, and representatives from the
Governor’s Office, US Congress, Catholic Charities, Mountain Lakes
Borough Council and several former Mountain Lakes Mayors recently
participated in a groundbreaking for the project.
For more information on Unity Bank’s community
lending program, please visit unitybank.com or email Forma at
Vincent.Forma@unitybank.com.
About Unity Bancorp, Inc.Unity
Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its
primary and wholly owned subsidiary, is a financial services
organization headquartered in Clinton, New Jersey. Unity Bank
provides financial services to businesses and consumers at 20
branches throughout New Jersey and the Lehigh Valley, Pennsylvania.
Unity Bank provides community-oriented commercial banking services,
including deposit accounts, loans, online and mobile
services. For more information, please visit unitybank.com or
call 800-618-BANK (800-618-2265).Unity Bank is a member of the
Federal Deposit Insurance Corporation (FDIC). To learn about FDIC
insurance for deposits with member banks, please visit
FDIC.gov.
MEDIA CONTACT:Fred FeinerYankee
Public Relations(908) 425-4878fred@yankeepr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3099cc28-e979-46b9-be01-0aada2154ba9
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