Case Studies

We acted as redevelopment counsel to the Housing Authority of the City of Newark which carried out the Downtown Core Redevelopment Project in the City of Newark, consisting of the acquisition, development and construction of the multi-purpose Prudential Center. We also assisted with the issuance $200,420,000 in bonds to support the financing of the Downtown Core Redevelopment Project. For more information on this project, please contact Glenn F. Scotland, Member.

We represented the Camden Housing Authority in connection with the construction and finance of Roosevelt Manor/Branch Village Phase II, a 58-unit replacement housing project in the Centerville section of the City of Camden. The site, owned by Camden Housing Authority, is currently vacant and was originally part of the Roosevelt Manor HOPE VI Revitalization project. Of the 58 units, 24 units will be affordable to extremely low income families at less than 30% of Area Median Income (“AMI”) and 34 units will be affordable to low income families at between 30% – 60% AMI. All the units will be covered by ACC subsidy. The Project will be funded from a combination of American Recovery and Reinvestment Act (“ARRA”) Capital Fund Recovery Competitive Grant, Housing Replacement Factor funds, 4% low income housing tax credit equity, New Jersey Housing and Mortgage Finance Agency (“NJHMA”) Tax-Exempt Bond Financing, and Federal Home Loan Bank Funds. For more information on this project, please contact Glenn F. Scotland, Member.

We currently serve as special counsel to the Orange Housing Authority in connection with its Dr. Walter G. Alexander Homes Development, a new transit-oriented community consisting of 66 units of family housing and 48 age-restricted rental units for low and moderate income households. Unique to this transaction, we prepared the incorporation paperwork, bylaws and an application for 501(c)(3) status for its subsidiary not-for-profit entity, the Orange Housing Development Corporation, which will serve as the development corporation responsible for the demolition of the existing buildings and redevelopment of the entire area. The project anticipates utilizing several funding sources including ARRA funds, Housing Replacement Factor funds, low income housing tax credit equity, and NJHMFA permanent and construction financing. For more information on this project, please contact Glenn F. Scotland, Member.

In November 2009, McManimon & Scotland, L.L.C., represented the Elizabeth Parking Authority and a newly formed 501(c)(3) non-profit corporation formed on behalf of the Parking Authority to complete a highly complex NMTC transaction involving a host of public stakeholders and their respective professionals, to finance the design, development, construction, operation and maintenance of an approximately 1,500-space, multi-level parking garage and related facility in the City of Elizabeth. This transaction involved multiple revenue sources, including public debt issued by the County of Union and Union County College, and an $11,875,000 NMTC loan. In addition to the NMTC financing, the firm completed in June 2010 the remainder of the $35,000,000 project financing using Recovery Zone Economic Development Bonds authorized by the American Recovery and Reinvestment Act of 2009. For more information on this project, please contact Glenn Scotland, Member.