That approval has been given to a non-profit group called HandsInc. The group is expected to bring in a private developer toexecute the project, which is shaping up as a combination of 16market-rate duplexes and 13 single-level lofts, plus artist workstudios and a ground-floor retail component. Occupancy is slatedfor the middle of 2006.
Located adjacent to a NJ Transit rail line, the project hasgotten some early financial support from the Newark-based LocalInitiative Support Corp., the Trenton-based firm of New JerseyCommunity Capital, the Baltimore-based Neighborhood InvestmentCorp. and PNC Bank. According to Patrick Morrissey, executivedirector of Hands, the bulk of the funding will come from a stateagency and another bank, both of which he declined to identify.
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