Subsidiary Corporations

Subsidiary Corporations

Pursuant to the HMFA's statute at 55:14k-18, the Agency has formed two separate subsidiary corporations: the Statewide Acquisition and Redevelopment Corporation ("STAR") and the A Better Camden Corporation ("ABC"). These subsidiaries have all of the powers of the Agency except that they cannot contract indebtedness without the express consent of the HMFA Board.

Both STAR and ABC have boards of trustees, and both receive staff support from Agency employees. Pursuant to the HMFA's statute, the Executive Director of the Agency is automatically the president of each subsidiary. Like the Agency's board meetings, all meetings of the STAR Corporation and ABC Corporation are subject to the New Jersey Open Public Meetings Act. Actions approved by the ABC Corporation Board of Trustees are subject to review and approval of the Governor.

STAR Corporation

The STAR Corporation was formed in April 1996 primarily in order to facilitate the development of the Agency's Scattered Site AIDS Permanent Housing program, the SHORE-EASY program, and the redevelopment of the Amity Village I and II projects. The STAR Board of Trustees includes the Agency's Executive Director and three other Agency employees appointed by the Executive Director. 

ABC Corporation

The ABC Corporation was formed in April 1997 to facilitate the implementation of the Camden Initiative, which is a coordinated effort among the HMFA, the Department of Community Affairs, the New Jersey Department of Environmental Protection, and the New Jersey Economic Development Authority to stimulate housing and economic development in the City of Camden.

The board of trustees consists of the commissioner of the New Jersey Department of Community Affairs, the Agency's Executive Director (who is also the President of ABC), the mayor of the City of Camden, the executive director of the Camden Redevelopment Authority, two agency employees appointed by the Executive Director of the Agency (currently, Chief Financial Officer David Bonomo and Chief of Programs Claudia Lovas), and one member of the public. Actions approved by the ABC Board of Trustees are subject to review and approval of the HMFA's Board of Directors prior to submission to the Governor's office.


ABC Corporation Meeting Minutes are available for download in our Media Room
.