The Closing Is Completed!!

Mark went to Trenton today & signed all of the paperwork to complete the HMFA financing for construction of the Community Living Residence!

The HMFA financing package is for $2.2 million dollars, involving a number of major capital funding sources -

- New Jersey HMFA's Special Needs Trust Fund, which is providing the bulk of the long-term financing
- Hanover Township
- DDD
- "Friends of The Rose House" who, in one week, assembled a short-term loan for the purchase of the property
- New Jersey Community Capital, who provided the bridge loan for the balance of the property's purchase price
- Federal Home Loan Bank
- United Way of Morris County (most importantly, they were the "first money in" which gave Rose House a lot of credibility with HMFA and other funders to get the balance.

The Rose House extends a big "THANKS!" to all of them, and also to our wonderful individual and family supporters, who showed tremendous generosity and patience throughout this new, exciting, and sometimes difficult process.

Now, let the building begin!

GO!

It was very hard to be quiet, but we wanted to make the first public announcement at The Rose House's Annual Meeting, which is wrapping up shortly...

We're very, very happy to announce the closing for our capital financing through New Jersey HMFA will happen next Wednesday, December 16!

This means the existing building can be knocked down (probably starting next week); the "boxes" for the home (most of it will be modular construction)will be ordered for assembly and delivery; and the clock starts ticking down for a summer opening of the new residence.

Please stay tuned for updates!

Get Ready, Get Set,...

The Rose House has created this blog to keep our future residents, their families, and all our friends and supporters up to date on the progress

It's been a long, difficult road, but soon we'll be able to announce construction will be starting!

The Community Living project started in October of 2006 with the purchase of the 290CKR home and property... and soon the work will start!

We'll use this blog to share progress reports, pictures, and other news about the demolition, re-construction, and opening of the Community Living facility.