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New Jersey developer launches sustainable multifamily housing non-profit

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Accounting & Finance Department

Real Estate Weekly May 23, 2017 

Philip Cali, Jr. has formed Pristine Sustainable Affordable Homes, a not-for-profit corporation, in co-operation with Montclair State University (MSU) as the country’s first Public Private Academic Cooperation (PPAC).

The PPAC will work with eligible commercial real estate students from the university’s Feliciano School of Business to engage in efficiently constructed and designed sustainable, affordable multi-family housing for low to moderate income residents throughout New Jersey.

“Our local communities face a crisis in providing affordable housing to area residents,” said Cali. “At the same time, too many young adults in this state cannot find meaningful work, despite advanced academic credentials.

“Pristine Homes forges a collaboration between private developers, local governments and a respected academic institution. Students accepted into the PPAC program will receive the kinds of practical, relevant experience necessary to obtain employment positions normally associated with two or more years of on-the-job training.”

The program requires students to participate in revolving assignments, such as financial analysis, eiability, governmental approvals, municipality and community inclusion and interaction, construction supervision and marketing. Eligibility entails a minimum 18-month paid internship commitment and top academic credentials in the commercial real estate program.

The PPAC aims to develop 1,000 units of low and moderate income housing by 2020, allocating 10 percent of the units to veterans and persons with special needs.