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 supportingĀ 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.

ā€œWe are thankful for the support of Unity Bank and Commercial Loan Officer Vincent Forma for helping make this project a reality,ā€ Luciano Bruni, principal of Nouvelle, said. ā€œWe 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.ā€

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.

ā€œThe Mountain Lakes project is a great collaborative effort that will benefit veterans in the community,ā€ Unity Bank CEO and President James Hughes said. ā€œWe 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.ā€