MILLVILLE - Due to a lack of capital, the Holly City Development Corporation's homeownership development program that builds and rehabilitates city homes faces an uncertain future, according to a finance report from HDCD Executive Director Paul Dice.
At a meeting on Tuesday, Dice stated the HCDC's CHOICE program has lost its line of credit with Colonial Bank, instead only receiving a hard loan.
That, combined with $156,000 in unpaid accounts receivable for homes the HCDC has already built, means the organization is searching for credit while cutting its development schedule from 10 to 18 homes.
"We don't have liquidity or working capital for the program as it relates to building and rehabilitating homes," said Dice. "We're in an analysis stage right now, and we're going to be discussing how to receive a commercial line of credit once again.
"That's what we need in this case - commercial credit."
A third reason the report gave was that the HCDC's cash reserves were, in part, used to support the Holly City Family Center during its restructuring efforts.
In addition, the Millville Housing Authority's Assisted Living Program recently posted a $13,637 loss for May 2009 amid a new advertising strategy aimed at raising public interest in the plan.
In total, the assisted living program has posted $48,765 in operating losses between Oct. 1, 2008, and May 31, 2009.
In addition to reaching out to local print media, the MHA has pursued an advertising project with Quinn Broadcasting, the lowest bidder in the assisted living programs search for exposure over the airwaves.
Members of the MHA described the program unhappily as the "best kept secret in New Jersey."
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