Dear Editor:
I have recently been asked about our involvement with the 20-unit family complex known as “Patriot Commons.” The Housing Authority of the Town of Secaucus approved a resolution, at the August meeting, authorizing the issuance and sale of special housing revenue bonds in the amount of $1,050,000. The proceeds of this sale will be loaned to the Leased Housing Corporation for the purpose of financing the Patriot Commons apartment complex.
The Leased Housing Corporation is a not for profit corporation that was established for the purpose of developing and managing low and moderate income housing within the Town of Secaucus. The corporation acquired this property in order to provide affordable housing to 20 low and moderate families. The complex is currently being rehabilitated through funding obtained from:
1) Lead Paint Abatement Program
2) HOME Investment Partnership Program
3) Tax exempt financing
The Housing Authority has acted as the government issuer of the tax exempt financing. We have engaged in a unique financial arrangement that will allow the Housing Authority to issue the bonds and loan the proceeds to the Leased Housing Corporation. The revenue from the rents is being pledged as collateral for the loan. The loan was privately placed at Bridge View Bank with a 5 percent rate over a 30-year term. The financing has been approved by the state’s Local Finance Board in accordance with the requirements of the Local Authorities Fiscal Control Law.
The Housing Authority works closely with local groups and officials in order to ensure that every resident has a decent, safe and sanitary housing unit. Our involvement with the Patriot Commons apartment complex is another example of our commitment to the betterment of our community. I look forward to working with our local officials in all future projects that enhance the quality of life for our residents.
I would also like to take this opportunity to thank the members of the Leased Housing Corporation, Mayor Elwell and the members of the Town Council for their commitment and support during my tenure as Chairman. Louis Canavari
SHA Chairman