DVCRFCLI at aol.com
03-02-1995, 12:06 AM
GOING THE EXTRA MILE
When Jersey Counseling and Housing Development Inc. (JCHD) fell behind in its
Lanning Square housing rehabilitation project in early 1994, DVCRF and the
Community Development Institute (CDI), had to prove their mettle in helping
the project reach completion. How? Lots of hard work and patience.
DVCRF initially approved Jersey Counseling's $250,000 construction loan and
bridge loan in Spring, 1993 for housing rehabilitation in the Lanning Square
neighborhood of Camden. It could not foresee the problems JCHD would run into
. After months when construction never proceeded DVCRF had to take on extra
involvement to save the project.
Frank DiVenanzo, Executive Director of JCHD, appreciated DVCRF's hands-on
involvement. "Working with DVCRF really helped us move the project along.
They were great in helping us put a budget together. The architect, Alden Bly
th, was exceptional. He showed a lot of knowledge and took his time with our
contractors. He helped the project immensely."
The New Jersey Department of Community Affairs (DCA) was also committed to
Lanning Square, providing two major HOME grants. DVCRF, in concert with DCA,
administered the second $200,000 grant to ensure the project's completion.
Peggy Huchey, administrator of DCA's Balanced Housing department, said,
"DVCRF's people were great in the oversight of the construction and
management. They are extremely knowledgeable and receive a lot of respect
from all of us at DCA."
When the project was floundering, DVCRF recommended that JCHD consult with a
DVCRF-recommended architect, hire a construction manager, a general
contractor and get the sub-contractors to scale back their commitments to
other jobs. JCHD heeded the suggestions, the loan continued and construction
began.
All along, CDI helped JCHD with its financial management system. A necessary
aspect of keeping funding from other sources was for the auditor to complete
three audits. Unfortunately, the original auditor died having completed only
one. Despite this distressing setback, the project proceeded.
As a tax-credit project, the Lanning Square construction had to be finished
at the end of the year, or lose its tax-credit allocation, which means it
would lose all funding. The deadline was December 31, 1994. With a DVCRF
inspector on site every week, JCHD finished on time. Ten rental units of
affordable housing were completed in Central Camden and ten families will
benefit from DVCRF's persistence.
Today, JCHD is stronger than ever and is poised for more sound projects. Was
the commitment risky? DVCRF's Jeremy Nowak, comments, "We have to protect
our investors. But we also care that houses are built and people who need
homes get them. We'll do everything we can to achieve both goals."
[an article from DVCRF's "Reinvestment News"]
************************************************
DVCRF, CLI and CDI can be contacted at:
924 Cherry Street
Philadelphia, PA 19107
(215) 925-1130 voice
DVCRFCLI@aol.com
************************************************
This post transferred from the cdb-l mailing list
When Jersey Counseling and Housing Development Inc. (JCHD) fell behind in its
Lanning Square housing rehabilitation project in early 1994, DVCRF and the
Community Development Institute (CDI), had to prove their mettle in helping
the project reach completion. How? Lots of hard work and patience.
DVCRF initially approved Jersey Counseling's $250,000 construction loan and
bridge loan in Spring, 1993 for housing rehabilitation in the Lanning Square
neighborhood of Camden. It could not foresee the problems JCHD would run into
. After months when construction never proceeded DVCRF had to take on extra
involvement to save the project.
Frank DiVenanzo, Executive Director of JCHD, appreciated DVCRF's hands-on
involvement. "Working with DVCRF really helped us move the project along.
They were great in helping us put a budget together. The architect, Alden Bly
th, was exceptional. He showed a lot of knowledge and took his time with our
contractors. He helped the project immensely."
The New Jersey Department of Community Affairs (DCA) was also committed to
Lanning Square, providing two major HOME grants. DVCRF, in concert with DCA,
administered the second $200,000 grant to ensure the project's completion.
Peggy Huchey, administrator of DCA's Balanced Housing department, said,
"DVCRF's people were great in the oversight of the construction and
management. They are extremely knowledgeable and receive a lot of respect
from all of us at DCA."
When the project was floundering, DVCRF recommended that JCHD consult with a
DVCRF-recommended architect, hire a construction manager, a general
contractor and get the sub-contractors to scale back their commitments to
other jobs. JCHD heeded the suggestions, the loan continued and construction
began.
All along, CDI helped JCHD with its financial management system. A necessary
aspect of keeping funding from other sources was for the auditor to complete
three audits. Unfortunately, the original auditor died having completed only
one. Despite this distressing setback, the project proceeded.
As a tax-credit project, the Lanning Square construction had to be finished
at the end of the year, or lose its tax-credit allocation, which means it
would lose all funding. The deadline was December 31, 1994. With a DVCRF
inspector on site every week, JCHD finished on time. Ten rental units of
affordable housing were completed in Central Camden and ten families will
benefit from DVCRF's persistence.
Today, JCHD is stronger than ever and is poised for more sound projects. Was
the commitment risky? DVCRF's Jeremy Nowak, comments, "We have to protect
our investors. But we also care that houses are built and people who need
homes get them. We'll do everything we can to achieve both goals."
[an article from DVCRF's "Reinvestment News"]
************************************************
DVCRF, CLI and CDI can be contacted at:
924 Cherry Street
Philadelphia, PA 19107
(215) 925-1130 voice
DVCRFCLI@aol.com
************************************************
This post transferred from the cdb-l mailing list