about
Summit Affordable Housing Corporation (SAHC) is a not-for-profit [501(c)3] community and housing development organization founded in 2008. We are dedicated to building community and creating opportunity by preserving and creating high quality, permanently affordable housing in Summit, New Jersey and surrounding areas.
projects
Current Project / Proposal:
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Build 42-units of affordable rental housing on the firehouse site and 7 Cedar Street (0.85 acres) in Summit, NJ.
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4-story elevator building with onsite parking (1:1)
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8 one bedroom, 25 two bedroom and 9 three bedroom
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45% of lot covered (49 units per acre)
Affordability:
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20 units (2-1BR, 14-2BR & 4-3BR) will be available to households making less than $76,000/year (60% of AMI*)
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16 units (4-1BR, 8-2BR & 4-3BR) will be available to households making less than $63,000/year (50% of AMI)
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6 units (2-1BR, 3-2BR & 1-3BR) will be available to households making less than $38,000/year (30% of AMI)
*AMI = Area Median Income
Funding Sources:
NJ HMFA 30 year mortgage: $3.2MM
LIHTC Tax Credit Funding: $8.4MM
Deferred Developer Fee: $1.2MM
HMFA Production Fund: $6.3MM
Summit AHTF: $2.0MM
Total: $21.1MM
Funding Uses:
Land Cost (payable to Summit): $2.0MM
Developer Fee: $2.4MM
Construction Costs: $14.3MM
Soft Costs: $1.0MM
Financing Costs: $1.0MM
Carrying Costs: $0.25MM
Operating Reserves: $0.25MM
Total: $21.1MM
*The land price to Summit is uncertain until all other financing is determined.
Project Timeline:
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0.85 acre site is optioned by the City to an affordable housing developer via an RFQ
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Developer secures local approval to construct 42 rental units
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The City’s Fair Share Plan is modified to include the firehouse site
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Summit commits to a 30-year Payment in Lieu of Taxes (PILOT) (6.28% of project revenue = $36K/yr)
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Summit places a “perpetual” affordable housing deed restriction on property
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Summit Affordable Housing Trust Fund (AHTF), via the Summit Affordable Housing Corp., pledges a “soft” 1%, 30-year loan of $2MM to the project
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HMFA commits $3.3MM mortgage, $8.4MM LIHTC and $6.3MM AHPF (85% of total development cost)
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Developer is paid $1.2MM during development and leasing (24 months) and $1.2MM from cash flow over next 15 years
Takeaways:
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Create OPPPORTUNITY for families and children with 42 new units of affordable rental housing
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City controls the process – local control
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Leverage state and federal programs to finance development
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Manageable investment from the City
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Full transparency on development fees and financing
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HMFA and LIHTC guidelines dictate many aspects of the project including rents, tenant incomes, PILOT and developer fees
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HMFA Affordable Housing Production Fund dollars must be committed by 12/31/24 or they expire, so Summit needs to move expeditiously to take advantage of these resources: An RFQ needs to be issued and a developer selected, zoning changes to the site need to be made and applications for the various state funding programs should be made as soon as possible.
board
The activities of SAHC are directed by a Board of Trustees, all of whom reside in Summit, NJ.
Dennis White, Chair
Dennis has a background in corporate citizenship, impact investing and corporate investments. From 2009 to 2021, he was the President and CEO of MetLife Foundation, managing the firm's global $50 million annual philanthropic giving program. From 1999 to 2009 he was in MetLife's Investment Department originating private placements, leveraged leases, real estate transactions, private debt financing and low-income housing tax credits. He also managed MetLife's impact investment portfolio. Dennis started his career with MetLife in 1991 in the Community Relations department. Prior to MetLife, Dennis worked for UBS and the Association on American Indian Affairs. Dennis received his BA from Rutgers College and his MBA from Rutgers Business School. Dennis served as a Commissioner of the Summit Housing Authority from 2009 to 2023 and is currently on the Board of The Summit Foundation.
Nancy Galietti, Vice Chair
Nancy is a retired senior business technology executive and a trusted strategic advisor with global expertise in business transformation, process improvement, change management and information technology. Nancy was the Vice President of Technology for the National Football League. She was a champion for diversity and developed a strategy to consolidate disparate information technology departments into a high performing IT shared services organization that delivered innovative technology solutions for the world class brand. Nancy also held technology executive management positions at IBM, Aventis Pharmaceuticals, Dun and Bradstreet and MetLife. Nancy was born in Newark, NJ and is a graduate of Rutgers College, New Brunswick with a BA in Mathematics. Nancy is currently the Chair of the Summit Housing Authority.
Rick Whipple, Treasurer
Rick has spent the majority of his career as a Consultant with Accenture. Over the last ~10 years he has been a Commercial Director, responsible for contracts / financials / resources at some of the firm’s largest and most complex client accounts, across both Professional Services (e.g., Strategy, Business Consulting) and Outsourcing (e.g., Application and Infrastructure Services, Business Processing). Beyond Accenture, Rick spent his first 6 years post college as an Aviation Maintenance Officer in the U.S. Navy, and 4 years as a Program Manager for Ingersoll Rand / Club Car. He has an Aerospace Engineering degree from the U.S. Naval Academy and an MBA from National University. Rick is currently a Commissioner for the Summit Housing Authority.
Douglas M. Cohen, Trustee
Doug is the VP, Business & Legal Affairs and General Counsel of The S. Hekemian Group, a privately held real estate development company. Doug is responsible for overseeing all of the company’s legal affairs, including property acquisitions, development and regulatory approvals, environmental compliance, financing, construction, leasing, sales, affordable housing compliance and litigation. Doug is also actively involved in the execution of the company’s development projects, including overseeing the entitlement process as well as environmental remediation and compliance matters. Prior to joining The S.Hekemian Group in 2002, Doug was a partner in the law firm of Wolff & Samson PC, practicing primarily in the areas of mergers and acquisitions and complex commercial real estate transactions. Doug graduated from Duke University, and received his J.D., cum laude, from Yeshiva University’s Benjamin N. Cardozo School of Law. He is admitted to practice law in the States of New Jersey, New York, and Colorado, and in the federal courts of the State of New Jersey.
Denison D. Harrield, Jr, Trustee
Rev. Dr. Denison D. Harrield, Jr. was born in Leesville, LA and is the Pastor of Wallace Chapel A.M.E. Zion Church in Summit. Before becoming a Pastor, he served in the U.S. Air Force for 7 years as an Intelligence Officer attaining the rank of Captain and was employed by New York Telephone Company for 18 years. From 1978 to 1989 while working at New York Telephone, he served as Pastor of Antioch A.M.E. Zion Church in Linden, NJ. After resigning his position at New York Telephone, he was appointed Pastor of Wallace Chapel A.M.E. Zion Church on October 1, 1989. He was successful in getting the church designated as a New Jersey and National Historic Site and as a historical landmark of the A.M.E. Zion Church. He has served as a Commissioner of the Summit Housing Authority; Trustee of SAGE Eldercare; Vice-President of the Tri-City NAACP; President of the New Jersey Council of Churches; Summit Police Department Chaplain; President of the Summit Interfaith Council; Member of S.H.I.P. (Summit Helping Its People) Homeless Ministry; Member of Morris Habitat for Humanity Board of Directors; Trustee of the Interweave Center for Holistic Living; and a Rotarian. He presently serves as a member of the Mayor’s Diversity Forum; Summit Affordable Housing Committee; Shaping Summit Together (SST); Summit Interfaith Council; Summit Affordable Housing Corporation; and Overlook Medical Center Palliative Care Advisory Board. In 2004, he wrote a letter to the Summit Superintendent of Schools requesting that the Summit Middle School be named after Lawton C. Johnson, the organist at Wallace Chapel and the office manager at the Middle School for 50 years and it was approved. He is a graduate of Trenton Central High School; Howard University with a degree in Political Science and Sociology with a minor in Psychology; New York Theological Seminary; and received the Doctor of Divinity degree from Livingstone College in Salisbury, NC. His basic philosophy is: (1) Is there a need? (2) Is it doable? and (3) is it the right thing to do? Then, just get it done.
Norman Miller, Trustee
Norm started his career at Bell Laboratories where he worked on computer aided design, power systems and microprocessor development. Following retirement he taught math and computer science in high school. Then he went on to study architecture, receiving his master's degree at NJIT. He received his Bachelor of Science degree in Applied Mathematics from Brown University, Masters in Computer Science from Stevens Institute of Technology and Masters of Math Education from Rutgers University. He is currently the president of the board of the Summit Civic Foundation, board president of Afternoon Music and treasurer of the Summit Chorale.
