Red Bank housing authority requests extension of $350,000 predevelopment grant as RAD redevelopment advances

Lisa Richardson, executive director of the Red Bank Housing Authority, told the Borough Council on April 9 that the authority is preparing a Rental Assistance Demonstration (RAD) Section 18 blended conversion application to the U.S. Department of Housing and Urban Development and is seeking another extension of a borough $350,000 predevelopment grant to carry the work forward.

Richardson said the original grant covered predevelopment costs to identify and assess potential infrastructure and redevelopment projects and that the award — originally May 2023 to May 2025 — was extended to May 2026. She reported a current remaining grant balance of $292,565.72 and outlined recent expenditures: a physical needs assessment completed in June 2024 ($17,422) and ongoing financial analysis from NW Financial Group ($30,150). She said the authority retained the law firm McManaman Scotland and Bowman for ongoing real estate counsel and has approved a Phase I environmental assessment by LEW Environmental Services.

Richardson described the RBHA portfolio as older properties — family housing at Montgomery Terrace and senior/disabled housing at Evergreen Terrace — and said the authority is pursuing both rehabilitation of existing family units and new construction of senior housing. She said the authority held resident information sessions on Feb. 19 and March 12, has posted RAD information on its website, and expects to select a developer partner and architect/engineer and make those elections no later than its May 12 board meeting.

During council questions, Richardson said the authority’s preference is to build replacement senior units on a different portion of the property first and then move seniors into new units to minimize relocations; she did not provide a final total of additional units. Richardson requested that the borough consider another extension of the grant period; the council did not record a vote on that extension during the meeting.

The housing authority’s presentation noted consulting and legal support costs but the transcript contains an unclear figure for one legal-services line; Richardson reported ongoing legal fees but the exact amount as read in the meeting record is unclear. The authority also reported the engagement of NW Financial Group and completion of a physical needs assessment intended to support financing and redevelopment planning.

Next steps: RBHA expects to finalize developer and design selections and make board elections by May 12; any formal borough action on the grant-extension request was not recorded on April 9.