Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senators Bob Menendez and Cory Booker (both D-N.J.) praised the upgrade by the global municipal bond rating agency, Standard & Poor’s Rating Services, of Camden’s investment grade bond rating from BBB+ to A-. This is the highest bond rating the city has received in four decades after previous financial decline.
“The story of Camden is a true story of urban progress, powered by Camden residents and where public investment spurs economic development, private investment, and job growth. That growth in turn revitalizes main streets, improves schools and strengthens communities,” said Sen. Menendez. “I have long championed Camden in Washington, working closely with local and county officials to deliver more than $800 million in federal funds grants over the past ten years to support projects like new affordable housing, economic development and infrastructure improvements. I commend Mayor Carstarphen and his entire team for their leadership in continuing to move Camden forward.”
“This announcement is a testament to the city of Camden’s strength and resilience,” said Sen. Booker. “Over the past decade, we’ve seen more than $800 million in federal investment help Camden emerge from a recession with sustained economic growth, greater employment opportunities, and upgraded public housing and schools. I applaud all of the local and state leaders and the people of Camden that have made this remarkable success story possible and look forward to continuing my work in Congress to further support Camden’s many ongoing initiatives.”
From FY2010 to FY2021, there has been approximately $244.6 million of federal funds allocated through prime awards to Camden and $585.5 million in sub-awards to Camden.
Just yesterday, Sens. Menendez and Booker (D-N.J.), along with Congressman Donald Norcross (D-N.J.-01) announced $1,010,800 in federal funding from the U.S. Department of Transportation (USDOT) to support the operations at Balzano Marine Terminal at the Port of Camden.
Earlier this year, Sen. Menendez and Rep. Norcross joined U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge to announce $35 million in funding from HUD to the City of Camden to revitalize the city’s Cramer Hill neighborhood, upgrade public housing, and expand access to job and economic opportunities for residents.