Document 6496209

-THE WESTFIELD (N J.) LEADER, THURSDAY, APRIL 13,1909
Shortage of Affordable Housing
Addressed in Genova/Roma Bill
Assemblyman P e t e r J . and business sectors to help atGeneva, R-21, and Assemblyman tack the problems of affordable
Patrick J. Roma, 4-38, have in- housing. It's time we realized
troduced legislation that will be a that government cannot solve
component of an Assembly in- this problem by itself. We need to
itiative to address the state's reach out and encourage all secshortage of affordable housing.
tors of society to participate in afThe bill, A-4445, would provide fordable housing projects," Mr.
a supplemental appropriation of Genova said.
$1 million to the Department of
According to the assemblyCommunity Affairs (DCA) to man, this legislation would enprovide grants to nonprofit hous- able more nonprofit housing
ing developers for operational developers to obtain the professupport.
sional development expertise
"The shortage of affordable needed to bring housing projects
housing in the state of New to completion, or to construct
Jersey is a very serious problem more units.
that has to be addressed responMr. Genova said the legislation
sibly and realistically," Mr. also requires the DCA to give
Genova said. "We cannot just favorable consideration to a
throw money at the problem grant applicant's involvement in
without having a well-thought-out a local housing partnership progame plan," be added.
gram, which would be establish• Providing grants to non-profit ed under A-4203, or with a project
housing developers
will involving the construction of afstimulate interest in the private - fordable housing on vacant or un-
Business Briefs
productive land made available
by a municipality.
A-4445 would be added to a fivebill package designed to address
New Jersey's affordable housing
problem.
"While the number of low-income rental units is shrinking,
the need for such units is increasing rapidly. The Council on
Affordable Housing estimates
that by 1993 the state will need
more than 145,000 low-income
rental units. It's very obvious
that the affordable housing problem is not going to fade away
without a comprehensive statewide strategy," Mr. Genova said.
The assemblyman noted that
since 1975 more than 430,000
homes have been constructed in
New Jersey while only 3,500 affordable housing units have been
built during the same time
period.
Richard P. Tanner
Chemical Bank New Jersey Announces
•Grant Program for Affordable Housing
Chemical Bank New Jersey
has announced the availability of
a grant program aimed, at
building the infrastructure for
low-income housing in New
Jersey. The program is to be called Housing Opportunity Program
(HOP).
These HOP grants support
community-based organizations
which work to create low income
housing, according to Fred
Semken, senior vice president,
Government
Relations,
Chemical Bank New Jersey.
This grant program is part of a
wide ranging agreement reached
between Chemical Banking Corporation and the New Jersey Fair
Lending Initiative Coalition sign-
ed prior to the merger of
Chemical Bank New Jersey on
Jan. 3 of this year.
Under
the
agreement
Chemical Bank New Jersey has
established a goal of distributing
$125,000 in HOP grants during
1969. Applications for these
grants are available through Mr.
Semken at 59&-6700. Grant applications should be submitted
prior to May 15,1969.
The a g r e e m e n t between
Chemical and the Coalition also
calls for the establishment of a
special loan program aimed at
low income individuals. This program will provide for loans with
flexible credit criteria and flexible financing arrangements, with
the goal of increasing home
ownership for low-income individuals. Chemical hopes to announce the actual implementation of this program later in the
year.
Chemical will also create a
pool of zero interest loans for the
purpose of providing some of the
upfront soft costs for the construction of low-income housing.
For 1989, Chemical has established a goal for this program of
distributing $150,000.
The Mountainside Twig at Children's Specialized Hospital in
Mountainside presents Shirley Biegler, hospital Community
Resources coordinator, the proceeds from last fall's Wreath and
Basket Bazaar. Proceeds from the Twig's fundraiser will purchase
computer games, a record player and strollers for the patients. In the
picture from left, to right are Judi Fischer, Twig volunteer coordinator, Mrs. Biegler, Nancy Kulcsar, Twig president, and Elaine
Cook, Twig vice president.
Do You Know
West field?
BACK PAIN
NECK PAIN
Chiropractic Treatments
May Help
Family Care By:
Gerald R. O'Keeffe, president
and CEO of First Atlantic Savings and Loan Association, has
announced that Richard P . Tanner has been named senior vice
president/Mortgage Banking
Division at the $1.39 billion financial institution. Mr. Tanner had
previously served as vice
president/Loan Administration.
Prior to joining First Atlantic
in 1985, Mr. Tanner was a vice
president at both Cenlar Savings
Bank and The Howard Savings
Bank. He was also an assistant
vice president with Midlantic
Mortgage Corporation.
Mr. Tanner earned a B.S. in
marketing from Rutgers University in 1973. He currently chairs
the Loan Administration Committee of the Mortgage Bankers
Association of New Jersey and is
also chairman of the New Jersey
Savings League Loan Administration Subcommittee.
Previously, he served as both a
treasurer and board member at
the Essex County Mental Health
Association.
J & J and Merck & Co.
Form Joint Venture
Johnson & Johnson and Merck candidates, and
mi_.
& Co., Inc., the respective manufacturing expert!**, / / /
worldwide leaders in the conIt will probably b«
sumer health care and prescrip- years before the;
tion medicines markets, an- Johnson o Merck
nounced today they have formed Pharmaceutical! Co,
a joint venture company that will product.
develop and market over-theAn OTC formulaUooof Muck's
counter medicines for the United prescription medicine 'Ptpcid'
States market. The new company (famotidine) for gaitrointMttnil
- The Johnson & Johnson o Merck disorders is a possible candidate.
Consumer Pharmaceuticals Co. The development of 'Pepcid' and
the regulatory review proceu
— is a 50-50 partnership.
The new company plans to are expected to take ieveral
develop and market a broad years. However, each partner
range of non-prescription pro- will make considerable inducts, derived primarily from vestments this year, and they
Merck's prescription medicines. will increase over time. Merck
Additonally, the new company researchers are already explorwill seek other new product op- ing OTC formulations of certain
products beyond
portunities outside of Johnson & other Merck
'Pepcid.1
Johnson and Merck.
Initially, the joint venture's
"Our joint venture with Merck
can make an important contribu- products will be marketed
tion to consumer health care," through Johnson k Johnson's
said James E. Burke, chairman McNeil Consumer Products
and chief executive officer of Company. Later, the joint venJohnson & Johnson. "The com- ture will be a stand-along combination of Merck and Johnson & pany with its own marketing and
Johnson resources gives the sales organization.
Johnson & Johnson o Merck Con- Johnson & Johnson is the
sumer Pharmaceuticls Co. a world's largest manufacturer of
significant potential in the over- health care products. Its main
the-counter marketplace,"
areas of business are consumer
"Consumers are increasingly products, prescription phartaking more responsibility for maceuticals and products used,
their own health," said P. Roy by health care professionals in
Vagelos, M.D., chairman and hospitals and elsewhere.
chief executive officer of Merck,
Merck is a worldwide,
"and the Johnson & Johnson o
Merck
Consumer
Phar- research-intensive health prodmaceuticals Co. will provide in- ucts company that discovers,
novative products of genuine develops, produces and markets
value for over-the-counter use." human and animal health prodJohnson & Johnson primarily ucts and specialty chemicals.
brings to the joint venture its Merck plans to spend threeOTC marketing expertise, sales quarters of a billion dollars in
and distribution capabilities. 1989 on research and developMerck primarily brings product ment.
Westfield BPW To Hold
Monthly Dinner Meeting
The Westfield Business and
Professional Women will hold
their monthly dinner meeting on
Tuesday, April 18, at the Ramada
Inn in Clark.
The speaker for the evening is
Mr. Bruce Runners, director of
the Nature Conservancy's New
Jersey Office, The Nature Conservancy is the nation's largest
preservation group. They have
He resides in Westfield with his managed to save and protect
wife, Susan.
more than three million acres of
land in the United States, Canada
and Latin American and are now
revving up their efforts in New
Jersey.
The agenda for the evening is:
networking and cocktails 6:30-7
p.m. dinner 7 p.m.-8 p.m., and
the program from 8 p.m. to 9
p.m. For dinner reservations
individuals may contact
Rosemary
Wellner. For
membership individuals may
contact Barbara Bartell days at
233-5512.
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