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Patty Amador at House Financial Services Field Hearing

Patty Amador, President, Ambeck Mortgage Associates of Modesto, CA speaks about downpayment assistance and HR 6694 at the House Financial Services ...

Redevelopment Plan Detailed for Embattled Millard Terrell Homes

NEWARK, NJ - New plans were detailed for a public housing complex in the East Ward that was once slated to be closed down and demolished, displacing residents who had lived there for years.

The redevelopment plan for Millard Terrell Homes, first built in 1946, were laid out Tuesday by Newark Housing Authority Director Victor Cirilo during a presentation to city council members. Under the plan, three buildings - or 60 units - in the complex will be rehabilitated, while the other buildings - or 215 units - would be demolished and rebuilt, Cirilo said.

“The housing authority has an aging housing stock, some of it going back to the late 30s and early 40s,” Cirilo said after the meeting. “This is one of the properties that is in worse shape than the other older properties.”

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The complex, which is currently all Section 8 housing, was constructed in an area prone to flooding along the Passaic River. When Superstorm Sandy hit in 2012, it caused mold and infrastructure issues to the already aging plumbing and electrical systems in the complex, Cirilo said.

Financial Comparison: HomeStreet (HMST) and American River Bankshares (NASDAQ:AMRB)

American River Bankshares operates as the holding company for American River Bank that provides commercial banking products and services to small and middle-market businesses, and individuals in California, the United States. The company accepts checking and savings deposits; and offers money market deposit accounts and certificates of deposit. It also provides commercial, commercial real estate, multi-family real estate, commercial and residential real estate construction, residential real estate, agriculture, consumer, and other installment and term loans, as well as other customary banking services. In addition, the company conducts lease financing for various types of business equipment ranging from computer software to heavy earth-moving equipment. It operates four full-service banking offices in Sacramento County, one full-service banking office in Placer County, two full-service banking