2004 Section 108 Project Summaries - New Jersey

Economic Development Project
BORROWER: GLOUCESTER COUNTY
STATE: NJ
COMMITMENT AMOUNT: $2,014,000
Gloucester County will use Section 108 guaranteed loan funds to provide loans to for-profit businesses. The assistance is a component activity of an economic development project. The activity will benefit low- and moderate-income persons.

Fenwick Commons Project
BORROWER: PENNS GROVE
STATE: NJ
COMMITMENT AMOUNT: $2,110,000
Penns Grove will use the Section 108 guaranteed loan funds, in conjunction with a $500,000 Economic Development Initiative grant, to finance the expansion of its Neighborhood Preservation Project by acquiring and renovating approximately 222 deteriorating, vacant and boarded residential and commercial property to eliminate slum and blighting structures in the designated area. These funded activities will improve the Borough's ingress and egress routes to the Riverwalk at Penns Grove, an 11 acre private development which will be a 94,000 square foot commercial building with retail/restaurant space and a 40 room hotel near the end of West Main Street on the Delaware riverfront of Penns Grove.

Hoboken Shipyard Project
BORROWER: HUDSON COUNTY
STATE: NJ
COMMITMENT AMOUNT: $980,000
Hudson County will use Section 108 guaranteed loan funds to finance the tenant improvements in a machine shop and 46,000 square feet of retail space. An estimated 191 jobs will be created and held by or made available to low- and moderate-income persons.

The Riverwalk at Penns Grove
BORROWER: CARNEY's POINT
STATE: NJ
COMMITMENT AMOUNT: $390,000
Carney's Point will use the Section 108 guaranteed loan funds in conjunction with a $75,000 Economic Development Initiative grant to finance water, sewer and road improvements for the River Walk commercial project. These funded activities will benefit low and moderate-income persons through the creation of 205 new commercial jobs at the Riverwalk Project.