Unity Bank Loan Supports Mountain Lakes Veteran Low Income Housing Project
Unity Sponsored Customer for $120,000 Affordable Housing Program Grant
Mountain Lakes Groundbreaking Ceremony
MOUNTAIN LAKES, N.J., June 09, 2023 (GLOBE NEWSWIRE) — 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.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3099cc28-e979-46b9-be01-0aada2154ba9
