Hoboken Office | 201-656-0115
Medford Office | 609-953-7555
Pennsylvania Office | 610-326-4900
NW Financial’s principals, responsible for the formulation and establishment of the financing for the Hudson County Affordable Housing Trust Fund in 1991, continue to this day to manage the outstanding fund pool, and assist the Trust Fund Administrator in providing permanent financing to approved loan applicants.
The Hudson County Affordable Housing Trust Fund, administered by the Hudson County Department of Planning and Economic Development, is a $100,000,000 financing pool established to assist local charities, community groups and developers in the creation of low and moderate income housing. NW Financial assists the Hudson County Planning Department with project applications, economic feasibility, issuance of self-liquidating fixed rate bonds, coordination of multiple sources of project funding, negotiations with developers, cash flow projections, bank reconciliations, and overall financial advisory support. Our responsibilities have included: development of policies and guidelines satisfactory to the local Planning Department, its counsel and bond counsel; application review and analysis of proposal pro-formas, cash flow projections and overall project feasibility to determine project eligibility; ongoing financial management of
payments by program participants; reinvestment of escrowed proceeds; financial reporting; conversion of portions of the program’s variable rate bond proceeds into a fixed rate mode on behalf of approved projects; coordination of multiple funding sources with program lending guidelines to ensure sufficiency of funds and creditworthiness of each applicant; and adaptation of program to individual project requirements within changing financial and housing markets.
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