Note
Notes: Archives 2014.018.0031
====
[text side 1]
CITY OF HOBOKEN
COMMUNITY DEVELOPMENT AGENCY
NEIGHBORHOOD PRESERVATION
PROGRAM
FOR
* HOMEOWNERS
3% Home Improvement Loans
* OWNERS OF MULTI-FAMILY DWELLINGS
6% Rehabilitation Loans Architectural Models and Design Standards
The Neighborhood Preservation Program is planned to assist homeowners in improving their properties and their neighborhoods. Financial and technical assistance is available so that homeowners can make light, moderate or heavy repairs, including plumbing, electrical and heating systems, renovation of various rooms and improvement of the exterior of their homes.
----
3% LOAN
HOME IMPROVEMENT LOANS
(CITY WIDE)
TO QUALIFY:
* OWNER OCCUPANT OF A FAMILY STRUCTURE.
* OWNER BUSINESS OCCUPANT OF A FAMILY STRUCTURE.
* PROSPECTIVE OWNER OCCUPANT OF A FAMILY STRUCTURE.
3% home loans up to $15,000 per building are available to owner occupants, business owner occupants or prospective owner occupants of Hoboken properties for home repairs.
This low 3% interest rate is made possible through a subsidy in the form of an interest reduction grant to the owner. The remainder is borrowed by the owner from a lending institution at regular market interest rates. The overall effect is to reduce the interest rate to 3%.
----
HOBOKEN
MUNICIPAL HOME IMPROVEMENT PROJECT
56 Newark Street
Hoboken, New Jersey
201-963-1917
What have we done?
Since the Hoboken Municipal Home Improvement Project began in 1972 our staff has met with hundreds of homeowners to discuss the program. More than 300 low cost loans, worth more than 2 million dollars, have been obtained. Owners have been advised on property improvement, the financial resources available, ways to complete repairs at the lowest possible cost and on purchasing Hoboken homes. The program is now being expanded to include owner -business occupants. Financing from local banks is now available. If you would like to know more about the program and how you can benefit from it we invite you to call or come in and discuss the program in more detail.
----
DEAR FELLOW CITIZEN
HERE ARE FIVE GOOD REASONS WHY YOU SHOULD INVEST IN YOUR HOBOKEN PROPERTY.
[photo portrait of Mayor Steve Cappiello]
1. Hoboken is a city on the move with over - 800 new units, 3,000 newly rehabilitated units, 700 units improved through our Home Improvement Program (totaling more than 15% of the City's housing stock).
2. Property values in Hoboken are rising steadily and will continue to rise.
3. Recently, a state law was passed which will exempt the first $4,000 of property improvements per unit from tax reassessment for a 5 year period (buildings 20 years or older).
4. Hoboken is a stable and safe community with over 60% owner occupancy and foot patrolmen in all residential areas.
5.Our programs offer effective 3% and 6% loans which can improve your property without increasing rents excessively.
Hoboken is a great community and deserves your support. By helping yourself, you will be helping Hoboken.
[facsimile signature] Steve Cappiello
Steve Cappiello
Mayor of Hoboken
[end text side 1]
====
[text side 2]
The Hoboken Community Development Agency has begun a new loan program for rehabilitating Multi-Family Buildings. Through a combination of private loans and public grants, funds of up to Nine Thousand ($9,000) Dollars per apartment are available at an effective interest rate of 6% over a 20 year term. If your building is within the designated area you are an eligible candidate for the project.
This project is made possible through funds from the New Jersey Department of Community Affairs ($200,000), the Hoboken Community Development Agency ($100,000) and the Urban Reinvestment Task Force of Washington, D.C. ($50,000). Its aim is to upgrade and preserve the area.
There are several good reasons why we believe investing in Hoboken at this time is a sound economic move.
We would like to discuss them with you.
If you would like to know more about the guidelines and how you can benefit from the program please call or come in and discuss the program in more detail.
COMMUNITY DEVELOPMENT AGENCY
84 Washington Street
Hoboken, New Jersey 07030.
201-792-6700
----
6% LOAN
MULTI-FAMILY REHAB LOANS
TO QUALIFY:
* PROPERTY OWNERS OF MULTI-FAMILY (5 OR MORE UNITS) RESIDENTIAL STRUCTURES LOCATED IN PILOT PROJECT AREA.
6% Mortgage loans are available to property owners of multi-family residential structures located in the Multi-Family Rehab Pilot Project area for moderate-to-heavy rehabilitation which will upgrade basic building systems and bring property up to code standards.
This low 6% interest rate is made possible through a subsidy in the form of an interest reduction grant to the owner. The remainder is borrowed by the owner from a lending institution at regular market interest rates. The overall effect is to reduce the interest rate to 6%.
----
ARCHITECTURAL MODELS
AND
DESIGN STANDARDS
FOR MULTI-FAMILY REHAB
This program will provide practical advice about architectural changes which will increase economy, efficiency and worth of the properties to landlords in the pilot project area.
A brochure with several architectural models of typical Hoboken buildings, including floor plans, interior renderings and photographs will be made available to interested landlords .
Landlords will also have the opportunity to discuss their buildings with a licensed architect experienced in the rehabilitation of old buildings at no cost.
----
HOBOKEN
COMMUNITY DEVELOPMENT AGENCY
ACCOMPLISHMENTS
Project Rehab
Completed.................. 617 Units
Under Construction......... 396 Units
Home Improvement Project
330 loans.................. 930 Units
Total..................... 1,943 Units
(12% of City's Dwelling Units)
Water System (more than $3 million project under construction)
Multi Service Center
($1.5 million project completed)
PLANNED
Neighborhood Preservation Program
250 Dwelling Units (Pilot Project)
Home Improvement Project
Extended to Business owner occupants
Goal: 100 loans in 1976
Two New Parks
Second and Adams Streets
Madison between 5th and 6th Streets
Church Square Park
Restored and Improved
Municipal Tree System
Over 1,000 trees to be planted throughout the City in the spring of 1976.
[end text side 2]
====
====
Status: OK
Status By: dw
Status Date: 2014-04-16
