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Press Release

FOR IMMEDIATE RELEASE
August 3, 2016

CONTACT:
David J. Hanrahan
856-457-6360
dhanrahan@capitalbanknj.com

Officials Mark The End Of Vineland Affordable Housing Project

by Daniel J. Kov from the Daily Journal

Vineland, NJ (8/3/2016) – Affordable home hunters, bankers and local government leaders are all celebrating the recent completion of a decade-in-the-making affordable housing project in Center City.

Melrose Court Housing, on Almond Street just off South Delsea Drive, is now home for roughly 17 families after construction wrapped up earlier this year on a new block-long neighborhood of rental homes.

The project is a joint venture between the Vineland Housing Authority, who serves as property manager, and Capital Bank of New Jersey, a limited partner who purchased federal tax credits for the project.

“There’s definitely a need in this community for affordable housing,” VHA Executive Director Jackie Jones said. “Our waiting lists are huge. The Housing Authority is here to provide for the community.”

That waiting list included roughly 250 families, Jones said, each of whom sought the same thing: an inexpensive — but not necessarily cheap — place to live, in a nice community.

The housing was open to those who fall below 50 percent of the area's median income. Rental costs are about 30 percent of a family's income, according to Jones.

The project dates back to the Vineland Development Corporation’s purchase of the land in 2004. Economic hurdles delayed work until ground was finally broken in 2014.

Originally designed to be single-family houses for sale, the Housing Authority changed the concept over time into rental units.

Funding for the roughly $4.8 million development cost came with help from Capital Bank, who purchased about $1.5 million in low income tax credits, as well as $2.4 million from the New Jersey Housing and Mortgage Finance Agency.

Construction wrapped up in January, according to Jones.

“We are proud of our involvement,” Capital Bank President and CEO David J. Hanrahan Sr. said. “The big banks in this country are the ones that get the headlines — often for not good reasons — but there are thousands of community banks across the country doing important and innovative things for their communities. And Capital Bank is trying to do its part in Vineland.”

Sitting on 6.695 acres, the project includes 17 one-story homes — four of them handicap accessible — each with three bedrooms, one-and-a-half bathrooms, private driveways and front/back yards.

The homes are also stocked with standard household appliances.

“This is affordable housing that looks like any other neighborhood,” Hanrahan said. “Who wouldn’t want to live here?”

Lisa Geraci, who moved with her two children into one of the houses in April, said she’s happy with her new home.

Born and raised in Vineland, she previously lived on Axtell Avenue.

“It’s definitely a big step up,” Geraci said. “Reasonable prices … we were all blessed. We’re all happy to be here.”

Capital Bank opened in Vineland in 2007. Today it has four locations – two in Vineland, one in Woodbury Heights, and one in Hammonton. Capital Bank lends money to businesses and individuals throughout South Jersey, is an Approved SBA Lender and a NJEDA Premier Lender. It is also 5-Star rated by BauerFinancial (www.BauerFinancial.com) and was recently, for the second consecutive year, named in the American Banker Top 200 Community Banks in the United States. For more information about Capital Bank, please visit www.capitalbanknj.com.