Rep. Andrews, Sen. Menendez and Mayor Redd announce $26M in HUD funds for Camden revitalization  

Housing funds estimated to preserve or create nearly 350 local jobs

Haddon Heights, NJ - Congressman Andrews joined U.S. Senator Robert Menendez and Camden City Mayor Dana Redd to announce Camden's receipt of more than $26 million in funding from the U.S. Department of Housing and Urban Development (HUD). This announcement followed yesterday's White House press conference where HUD Secretary Shaun Donovan announced nearly $2 billion in funding for states, local governments and non-profit housing developers, under HUD's second round of Neighborhood Stabilization Program (NSP2) grants.
 
Funded by President Obama's American Recovery and Reinvestment Act, the Neighborhood Stabilization Program is designed to spur economic development in hard-hit communities and create jobs.

Among the near 60 grantees, Camden was awarded two grants totaling more than $26 million. The Camden City's Housing Authority has been awarded $14,140,923 in NSP2 funds to help residents who have been hit by foreclosure. This initiative, which is expected to preserve or generate up to 150 jobs, is a collective effort in which Camden City has partnered with The Heart of Camden, Inc. and for-profit partners Michaels Development and Pennrose Properties to rehabilitate 100 homes that have been abandoned or foreclosed, demolish 23 blighted structures, and redevelop 70 demolished or vacant properties.  The rehabilitated houses will be sold at an affordable rate to struggling families who meet low income requirements. Additionally, these funds will support revitalization efforts currently underway, including new school projects, street streetscapes and rehabilitated housing.

In addition, the Camden Redevelopment Agency has been awarded $11,926,887 in NSP2 funds to build off of prior committed investments to create stabilization and increase property values. In a consortium agreement with Camden Lutheran Housing, Volunteers of America, Saint Joseph’s Carpenter Society, and the Cramer Hill Community Development Corporations, the Camden Redevelopment Agency will work to purchase and rehabilitate over 140 abandoned or foreclosed properties, demolish nearly 70 blighted structures, and establish land banks to support the redevelopment of vacant land. This effort not only generates an immediate demand for nearly 200 jobs, but it creates long-term growth and affordability in the housing market.
 
“At a time when wages are falling well behind inflation, far too many people are seeing a decline in their standard of living. These grants will help turn around hundreds of properties, create economic incentives in the City of Camden and provide a safer community for those living in distressed neighborhoods,” Congressman Andrews said. “This $26 million investment takes us one step closer to reaching our economic recovery, and these funds will further enhance the wide variety of projects already underway in Camden.”

“I’m very pleased today to announce the investment of $26 million for Camden under HUD’s Neighborhood Stabilization Program. This is a new start for a new Mayor and new hope for Camden,” Senator Menendez said. “This investment will help Mayor Redd put people to work, preserve neighborhoods and property values, and lend a hand to families struggling to keep above water. In these difficult economic times, when families are in financial trouble, when they are underwater on the mortgages and property values continue to go down as more and more houses are abandoned – investments like these are an investment in the future.”

“The $26 million in Neighborhood Stabilization grants awarded to Camden truly is welcomed news and we look forward to taking full advantage of this and any federal stimulus funds that will aid our efforts in revitalizing our neighborhoods,” Mayor Redd said.  “The future and success of our City begins by rebuilding our communities - house by house, street by street - and this grant takes us a step closer to reaching our goal.”

Although our region’s economic recovery will not occur overnight, Stimulus projects like the Neighborhood Stabilization Program continue to provide the foundation for long term economic prosperity and revitalization in Camden City.

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