Julie French joins READS as Del. community organizer

New hire spearheads work of nonprofit to homeowners in manufactured-home communities

FOR IMMEDIATE RELEASE

SMYRNA, Del. (December 28, 2009) -- READS is well known for the work it does in New Jersey, but with its latest hire, the organization hopes to raise its profile in Delaware as well.

French has joined READS as a community organizer and organizational trainer to spearhead its growing work in Delaware. In her new position, French will provide support, technical assistance and training to homeowners in manufactured home communities, by working directly with board members, committees and residents.

French will work with homeowners in manufactured home communities to help them organize homeowner associations to buy their communities when they go up for sale. READS already has overseen one such arrangement in Delaware, with Minquadale Mobile Home Village in New Castle.

As the founder of the Delaware office of READS in Smyrna, French also will be help expand the technical development assistance that READS provides for community development work in Delaware.

Before coming to READS, French worked for NCALL Research Inc. in Dover, and with the Delaware State Housing Authority. She has a bachelor's degree in urban affairs from Delaware State University.

For more information, contact French at (302) 270-4209, or call READS Director Brian Keenan at at (732) 635-1000, Ext. 153

On the web:
www.readsusa.com

READS finds financing for veterans affordable housing

Redevelopment of former Highland Park church to begin in January

FOR IMMEDIATE RELEASE

METUCHEN (Dec. 16, 2009) – READS has secured a financing commitments and signed a construction contract with Vision General Construction Inc. to create new affordable housing for homeless veterans in Highland Park.

The project, in partnership with Highland Park Reformed Church Affordable Housing Corp., involves retrofitting the vacant All Saints Episcopal Church on South Third Street and Magnolia Avenue into an 11-unit affordable supportive housing apartment building for homeless veterans. The finished building will include 10 studio apartments, and one two-bedroom apartment for a family. Construction on the facility will begin in January, with groundbreaking scheduled for Jan. 31.

The former church building has been vacant since 1997.

“We're conscious of how neighbors who have lived across from this beautiful church must feel about any change to their neighborhood,” said Jeff Crum of READS. “Although we need to add dormers and change the slope of the roof to make it a proper living facility, we want to respect the historic value of the church, and will be leaving the stained glass windows on South Third Street and Magnolia Avenue.”

Renovations include installing a second floor inside the former church, to hold five studio apartments. The first floor will hold three more units, with the final three units -- including the two-bedroom apartment – located in the basement.

Known primarily for its work with New Jersey's charter schools, READS is a nonprofit real estate development company committed to building strong organizations and communities. In addition to the more than a dozen charter schools that it has helped with their facilities needs, READS also recently has helped residents of a manufactured-home community in Delaware to take ownership of their community when the property went on the market.

READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

For more information, call Jeff Crum at (732) 635-1000.

On the web:

www.readsusa.com

www.rchighlandpark.org

READS receives $500k grant for work with charter schools

LISC funding could provide class space for 2,000 students in Newark, Jersey City

FOR IMMEDIATE RELEASE

METUCHEN, N.J. (Dec. 16, 2009) — Real Estate Advisory and Development Services Inc. has received a new grant to support up to five new charter school projects in Newark and Jersey City.

The grant will cover the predevelopment costs of developing buildings for schools, including routine expenses such as environmental studies, constriction management and legal fees. The grant comes to READS from the Local Initiatives Support Corp., through $500,000 in funding made available by the Walton Family Foundation.

“The families who already have taken advantage of the excellent charter schools in Jersey City and Newark appreciate the tremendous value of school choice,” said Keith Timko, director of READS. “This grant from LISC recognizes the even greater value of the children who attend those schools. At the end of the day, it is those children who will benefit from this grant.”

The grant is not tied to construction projects for any specific school; however, it will provide enough predevelopment funding to support about $45 million of actual development work – enough to help provide instructional space for a projected 2,000 students in Newark.

Established in 1979 by the Ford Foundation, LISC maintains 29 offices nationwide, including an office for greater Newark and Jersey City. LISC works with community development corporations such as READS to revitalize their communities. Since 1986, LISC has invested a total $76.7 million in the greater Newark and Jersey City area, and has helped to create more than 1,000 affordable housing units.

LISC’s Educational Facilities Financing Center supports the development of quality charter and alternative schools in underserved communities, by providing technical assistance and financing for facilities. Improving access to quality education is a central component of LISC’s sustainable communities strategic plan.

“We are very impressed with the commitment that READS repeatedly has demonstrated to the success of charter schools not just in Jersey City and Newark, but statewide as well,” said Reena Bhatia, vice president of educational facilities financing at LISC. “Since READS began, it has made invaluable contributions to the charter school community in those two cities. We are glad to support this work, and we look forward to all that READS will accomplish in the next few years.”

The Walton Family Foundation was established by Sam Walton, best known as the founder of the Wal-Mart retail chain. The foundation continues his philanthropic legacy by investing in programs that empower parents to choose the best education for their children .

An innovative nonprofit real estate development company, READS is committed to building strong organizations and communities through innovative real estate development. Since its inception in 2003 READS has assisted dozens of nonprofits in developing their facilities to meet their social service needs.

READS provides all phases of real estate development and technical assistance including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the Federal Department of Education as a promising practice in real estate development.

For more information, call Timko at (732) 635-1000.

On the web:

www.readsusa.com

www.lisc.org/greaternewark-jerseycity

www.waltonfamilyfoundation.org