Formed in 2003, Maestro Community Development Corporation has stamped its footing as the development subsidiary of the City of Long Branch Housing Authority. After initially overseeing a $137 Million Hope VI Redevelopment Project including four (4) phases of 289 mixed income and market rate units, Maestro then took on a role as a partner and co-developer in the last four phases of the project.
These completed projects included accepting a $170,000 COAH allocation for affordable housing in Phase I at Garfield Court from the Applied Development Company; building 68 mixed income units at Garfield Court Phase II with a $15 million 2009 NJHMFA Tax Credit Award, as well as the development of eight (8) homeownership units and the construction oversight of the $3 million, 13,000 square foot Adam “Bucky” James Community Center.
Maestro is currently negotiating two Rental Assistance Demonstration (RAD) acquisitions for mixed finance conversion of a troubled public housing authority, a partner in a redevelopment application to manage Section 3 and community outreach and a co-developer on two projects under construction, the redevelopment of Woodrow Wilson Homes and the Historical Rehabilitation of the Former Gregory School.
· Woodrow Wilson Homes is a 174 family unit, three (3) phase project, which received NJHMFA tax credit awards in 2011, 2012 and 2013, totaling $47 million.
· The Former Gregory School is 117 senior unit, two (2) phase project, which received NJHMFA tax credit awards in 2011 and 2013 totaling $27 million.
Maestro was also awarded several Federal Home Loan Bank of New York grants for each of the projects noted.
Congressman Frank Pallone
Portney, P.P., President
Garrett, Executive Director – Maestro Community Development Corp.
PANELIST: NJ League of Municipalities Public Housing Revitalization; New Reality for Public Housing Authorities as Developers/Rutgers Public Housing Redevelopment Forum
2013 Brookdale’s Community College Service Award - TyG
2012 National Association of Negro Women’s Business Club Economic Development Award - TyG
2011 Long Branch Chamber of Commerce Public Venue Award -Maestro
2011 Long Branch Chambers of Commerce Libutti Economic Award for Redevelopment – TyG
2011 KJ525 Government Award – TyG
2011 New Jersey Governor’s of Excellence in Housing Award for Best Neighborhood Revitalization - Maestro
2010 Leeds Silver Certified Hope VI Development - Maestro
2010 Monmouth County Planning Award for Architectural Design -Maestro
2010 Federal Home Loan Bank of New York $610 Million Affordable Housing Grant - Maestro
2008 NAACP Government Award - TyG
CURRENT PROJECTS UNDER CONSTRUCTION:
Eight (8) Three
Bedroom subsidized Townhomes: Purchase price between $148,000 and
Completed in March of 2013
Woodrow Wilson Homes – Total 168 Units
Phase I: 65 Units: To be
completed by October 2013 – 2010 NJHMFA $16 Million Tax Credit Award
Phase II: 57 Units: To be completed by January 2014 – 2012 NJHMFA $16 Million Tax Credit Award
Phase III: 52 Units: To be completed by June 2014 – 2013 NJHMFA $15 Million Tax Credit Award
The Gregory School and Maestro (Garrett) Homes Annex – Total 117 Units
Phase I: To be completed
December 2013; 2011 NJHMFA $14 Million Tax Credit Award, in addition to
a Historic Preservation Tax Credits
Phase II: To be completed July 2014; 2011 NJHMFA $13 Million Tax Credit Award
MAESTRO REDEVELOPMENT MANAGEMENT AND MAINTENANCE
Housing, Construction, Future Renderings
2 Hope Lane
P.O. Box 337
Long Branch, NJ 07740
Phone:(732) 222-3747 Fax:(732) 222-1809