Was Reinhard Manor Delayed for Higher Corporate Profits ?

The following is just a small example of how the McCormac Administration is treating seniors in need of ”affordable housing”! There are numerous other documents showing how the Mayor’s Chief-of-Staff, Caroline Ehrlich, who is also the Director of the township’s Redevelopment Agency, and Executive Director of Woodbridge Affordable Housing Corp. (for a + $6,000/yr), has colluded with others on affordable housing projects to enrich their coffers, at the expense of taxpayers and needy senior citizens.

This is but just one example of what is going on in the McCormac Administration that I am asking state and federal officials to look into. On issues like this, I am not “Crying Wolf”, Mr. McCormac, I am ”Howling for Justice”, for as long and as loud as I can!

Anyone wishing to see the other documents can contact me at: Apropos_T@msn.com

EHRLICH, CAROLINE

From: Sent: To:
Cc:
Subject:

Bruce Morgan <bmorgan@bcmah. com> Tuesday,August 12,2014 1:49 PM EHRLICH,CAROLINE
Marty Josephs
FW: Reinhard rent-up

Hi Carol,

Due to the crazy nature of the IRS code that dictates the rules of the tax credit program,the NJHMFA hasjust informed us that if we begin to lease the three units in Building A in October at the current 2014 rents we would in effect lock in the 2014 rent levels for the entire initial lease up even though the vast majority of the units will be leased in 2015 when the higher rents levels (and income levels) will be in effect. Because of the detrimental effect that this will have on the project’s cash flow over the life of the project it makes sense to put off the leasing of Building A until 1/1/15 at which time we will be able to use the higher income and rent levels for all of the units in the project.

This means we will be reaching out to the potential tenants beginning on or about mid-November for move ins on or about 1/1/15. Sorry about the confusion but we just heard back from the NJHMFA (see below) and wanted to pass this information along to you as soon as we received their direction. As always if you have any questions or comments please give me a call. Thx

Bruce R. Morgan
President
BCM Affordable Housing
63 Chestnut Rd.,Suite #7
Paoli, PA 19301
610.647.3201 p I 610.647.3202 t I 856.912.4185 c
bmorgan@bcmah.com www.bcmah.com

From: Brad ngerman
Sent: Tuesday, August 12, 2014 11:41 AM
To: ‘Robert Sasso’
Cc: Marty Josephs; Randy Wadsworth; Bruce Morgan; Chris Ramsay
Subject: Reinard rent-up

The HMFA just confirmed that if we were to rent even one unit in 2014 we would be ustuck” with the 2014 rents for the remainder of the units we would be renting in 2015. For obvious reasons I believe this to be a ridiculous standard but for now this is the HMFA determination. Accordingly,we should NOT rent any of our units in 2014 and then commencing on 1/1/2015 rent the heck out of these buildings at 2015 rent levels.

END

Update: 5th Ward Councilwoman, Debbie Meehan was recently made aware of these documents but has chosen to ignore them in both here local publication and at the Sept. 15, town council meeting. She is a MacTeam player!

On November 3, 2015, use your vote and send John McCormac and his band of leprechauns packing!