Valley Bank Increases CRA Investment Efforts in South Florida

Valley Bank is partnering with Oasis of Hope Community Development Corporation, Inc., (CDC) to develop single-family homes that will help address the need for affordable housing in South Florida.

The new redevelopment project, currently underway at NW 3 Street in Pompano Beach, involves three lots that were donated to Oasis of Hope by the Pompano Beach Community Redevelopment Agency. Valley Bank provided a $400,000 revolving line of credit to Oasis of Hope to help fund the development of three affordable single-family homes.

“We applaud Oasis of Hope as it continues to gain momentum to address South Florida’s affordable housing crisis,” said Jeff Klink, Valley’s regional president in South Florida. “Our partnership has truly flourished over the past five years, and we’re proud to fund meaningful projects that are changing the lives of local working residents.”

For Valley, it’s especially important to support community reinvestment developers like Oasis of Hope with the funds they need to make projects happen in a timely manner, says Klink.

Construction of the homes will begin this month and is expected to be completed by March 2020.

The three homes, developed for families earning $40,000 or less annually, will each consist of three bedrooms and two baths, ranging from 1,500 to 2,000 square feet. Valley’s mortgage consultants will assist qualified homebuyers with the mortgage process while educating them on financial topics for first-time homebuyers.

“We value our longstanding partnership with Valley Bank because they share our vision of making the dream of home ownership possible for everyone,” said Jacqueline Reed, president and CEO, Oasis of Hope. “We often hear how unaffordable housing is in the South Florida market, so our combined efforts serve to help those who might otherwise be priced out of a competitive housing market.”

Valley also worked with Oasis of Hope in 2016 when there was a need for a transitional independent living facility for more than 600 youth who were discharged from the foster care system. Valley provided the initial construction loan to help with the acquisition and renovation of the property that would house the young adults between the ages of 18 and 23.

Oasis of Hope’s goal is to expand its services into other cities within Broward County. As the not-for-profit grows its presence, Valley plans to continue to support Oasis of Hope as a lender and a partner for affordable housing projects.

Valley was also the lender for a $12.6 million construction loan to develop a 100-unit multi-family mid/high-rise property in the Little Havana neighborhood of Miami. Completed in May 2019, the 13-story apartment building provides affordable rental units to working residents in the area, and is equipped with a fitness center and a pool.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $32.5 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates over 200 branches across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.

About Oasis of Hope

Oasis of Hope CDC is a 501(c)(3) not-for-profit organization that provides basic community housing services and financial literacy counseling to low- and moderate-income families and individuals. Its partnership with Valley is a natural fit since the bank has specific goals for investment and community development activities in underserved communities and reinvestment areas to encourage economic inclusion.