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PSE&G begins foundation for affordable housing.

Public Service Electric and Gas Company (PSE&G) announced a $1 Million commitment to affordable housing in New Jersey. The company has established a non-profit foundation which will focus on project development loans for community-based affordable housing.

The foundation, the Public Service Community Development Fund, has made an initial commitment of $250,000 to the New Jersey Community Loan Fund, a non-profit organization that provides financing for community-based affordable housing projects.

Oswald L. Cano, PSE&G general manager-Corporate Responsibility, said the affordable housing commitments fits the company's philosophy of directing limited resources to projects that meet established public need and also make good business sense.

The $1 million commitment will be used to promote creation of affordable housing in 15 municipalities that are eligible for PSE&G's area development electric rate. The municipalities are Camden, East Orange, Elizabeth, Gloucester, Hoboken, Jersey City, Kearny, Newark, Orange, Passaic, Paterson, Plainfield, Trenton, Union City and Weehawken.

Cano, who will serve as Public Service Community Development Fund president, said the loans in support of affordable housing represent an investment in communities, rather than a gift. "There is a significant lack of decent, affordable housing in these communities as a result of a variety of historical, demographic, economic, and social realities," he said. "And, because of these same realities, these municipalities have significant amounts of underutilized electric and gas infrastructure. Increasing the utilization of this investment in plant and physical equipment makes sense for the communities, PSE&G and all of its customers."

Melvin R. Primas, Jr., commissioner of the New Jersey Department of Community Affairs said, "Today, Public Service Electric & Gas is making an investment in urban renewal. The Community Loan Fund has become an effective partner in the efforts to produce affordable housing in New Jersey, and these loans will increase their ability to leverage public and private funds for housing development."

"We lend to community-based groups," said Martin Johnson, board president of the New Jersey Community Loan Fund, "which means we're supporting solutions that come out of the community itself. This results in more lasting solutions because the people in the community have more at stake."

Johnson added that PSE&G's commitment will have an even greater impact as it is a challenge to hew Jersey corporations and businesses to invest in affordable housing.

The Loan Fund, based in Trenton, was formed four years ago and has over $1.2 million in investmentts from a wide range of institutional and individual investors.

William G. Fenimore, PSE&G Public Affairs Manager for the southern region, has joined the New Jersey Community Loan Fund Board of Trustees and will serve as liaison with the Public Service Community Development Fund.
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Title Annotation:Public Service Electric and Gas, Public Service Community Development Fund
Publication:Real Estate Weekly
Date:Apr 22, 1992
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