The Star Ledger: “Small investors, big changes”:http://www.nj.com/news/ledger/jersey/index.ssf?/base/news-8/1196573860255970.xml&coll=1
A community group based in the lower Broadway area, La Casa de Don Pedro, has used federal and state subsidies for what it calls “filling in the fabric of the neighborhood,” transforming vacant properties into affordable homes, said Raymond Ocasio, executive director.
The group also is getting $6 million in federal Department of Treasury loans to build an energy-efficient structure just north of Route 280. The building will house three retail stores as well as a center that helps 27,000 low-income Essex County residents pay their utility bills.
The new building “should increase the activity on the street, which is a really important component of helping to promote safe streets and attractive quality of life,” said Michael Meyer, the city’s director of housing and real estate.
Fascinating article about how small developers are making a big impact in the city of Newark — despite a decline in publicly available money. More investment will make the city safer, and we need to ensure that there are enough incentives to draw this kind of development.