through counseling, housing and education.
NewBridge Housing Exec Earns Top State Award
Melody Federico, Director of Housing Development at NewBridge Services, was recently named a 2007 Forty Under 40 recipient by NJBIZ magazine for her efforts to provide affordable homes to middle and lower-income families and those with special needs in Morris and Passaic counties.
The Forty Under 40 Award honors men and women who make headlines in their field and who share a commitment to business growth, professional excellence and the community. NJBIZ and the program sponsors honored Federico and 39 other top professionals during an awards ceremony on Monday, September 24, 2007 at the Palace at Somerset Park in Somerset, New Jersey. Winners were highlighted in a special supplement to the October 1 issue of NJBIZ.
"Melody Federico is a driving force for affordable housing in Northern New Jersey. At a time when real estate is at its most restrictive, Ms. Federico is using her skill set and keen insight to put homes into the deserving hands of those who need it most-low- and moderate-income families; people with special needs; and the homeless," said Robert L. Parker, Executive Director, NewBridge.
Studies show that for every $1 spent on creating affordable housing, at least $10 is returned to the community in the form of job creation, new business, increased independence, access to higher education and tax contributions. Less expensive than the institutional alternatives that homeless and disabled people often cycle through - supportive housing ends the cycle of dependence on emergency healthcare and treatment.
"Ms. Federico makes this point clear to potential investors. Once on board, supporters are impressed by her ability to repurpose funding money creatively-a recent $100,000 grant from United Way of Morris County was reinvested for three different transactions," said Parker.
In just one year, Federico has acquired 17 of the 100 units sought by NewBridge, with 13 more in line before the end of 2007, well ahead of projections. Ultimately, in 18 short months, NewBridge's housing stock will have increased by 30 percent, an achievement made more extraordinary by the fact that NewBridge is a nonprofit agency with limited resources.
"We are truly honored to have the opportunity to recognize these outstanding individuals," said David A. Shankweiler, CEO of Journal Publications, parent company of NJBIZ. "As business and community leaders, they are constantly redefining success within the business arena. These individuals share a commitment to business growth, professional excellence and to the community. They are shaping the economic future of New Jersey. On behalf of NJBIZ, we would like to thank and congratulate the Forty Under 40 class of 2007."
Federico holds an MBA from Montclair State University, a master's degree in administrative science from Fairleigh Dickinson University, and a bachelor's degree in Public Administration from San Diego State University. She was awarded a Real Property Administrator® designation by the Building Owners and Managers Association, and holds real estate salesperson licenses in both New Jersey and California. She has been honored by the Supportive Housing Association of New Jersey for her work in affordable housing. Federico lives in Millburn with her husband Michael.
About Forty Under 40The awards program, produced by NJBIZ, New Jersey's premiere business publication, is sponsored by AXA Advisors, and Wiss & Company, Certified Public Accountants. For more information please contact Judy Grausso, event coordinator, at 732-246-5737.
About NewBridge Services
Founded in 1963, NewBridge Services, Inc. is a nonprofit 501 (c)(3) community organization providing innovative programs and education services in five focus areas: mental health, addiction, housing, youth programs and senior services. Whether guiding people as they cope with stress, grief, or substance abuse, or providing advice to those with parenting, relationship or caregiving challenges, NewBridge helps people bring balance to their lives.