Subsidiary Corporations

Subsidiary Corporations

Pursuant to the HMFA's statute at 55:14k-18, the agency has formed one separate subsidiary corporation: the A Better Camden Corporation ("ABC"). This subsidiary has all of the powers of the agency except that it cannot contract indebtedness without the express consent of the HMFA Board.

ABC has a board of trustees and receive staff support from agency employees. Pursuant to the HMFA's statute, the Executive Director of the agency is automatically the president of the subsidiary. Like the agency's board meetings, all meetings of the 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.

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
.