Unity Bank loan supports Mountain Lakes veteran low-income housing project

Unity Bank on Friday announced it provided a $350,000 commercial acquisition loan to Nouvelle LLC of Franklin Lakes to help fund a four-unit disabled-veteran, low-income housing project at 367 Bloomfield Ave., also known as 367 Route 46.

Unity also sponsored Nouvelle for a $120,000 grant from the Federal Home Loan Bank of New York supporting the project. The FHLBNY Affordable Housing Program awards funds to the member lenders through a competitive process in order to support eligible projects that create housing for lower income families and individuals.

“We are thankful for the support of Unity Bank and Commercial Loan Officer Vincent Forma for helping make this project a reality,” Luciano Bruni, principal of Nouvelle, said. “We look forward to completing construction by the end of the year and providing housing to low-income, disabled veterans through Catholic Charities and the New Jersey Veterans SOS Stakeholders Group. The apartment units are for veterans with very low incomes, defined as 30% or less of the average income for the local community.”

Nouvelle acquired a 1.16-acre vacant lot for the project. The company has received municipal approval to construct a two-story, 4,456-foot building at the Bloomfield Avenue site, which will house four two-bedroom apartments. Nouvelle develops, builds and manages affordable housing and special needs projects throughout New Jersey. The company will continue to manage the rental property following construction.

“The Mountain Lakes project is a great collaborative effort that will benefit veterans in the community,” Unity Bank CEO and President James Hughes said. “We thank Nouvelle for giving Unity Bank the opportunity to participate in the initiative. Securing FHLBNY support can be a great way to bring these projects to life and we look forward to participating in similar community benefit initiatives.”