Looking Back on our First Quarter

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As the first quarter comes to a close, we are so pleased to have introduced, rebranded and began construction on many new affordable housing communities throughout New Jersey, bringing much needed affordable housing to residents.

In February, we held a ribbon cutting ceremony to officially unveil the renovations and rebranding of Heritage Village at Ocean, previously known as Whalepond Village, in Ocean Township. In an area affected by Superstorm Sandy, this 96-apartment, affordable senior housing community underwent extensive exterior renovations, including replacement of roofs, new siding, new shutters and the installation of gas powered back-up generators. Apartment interiors were also refurbished with new kitchen counters, energy efficient appliances, kitchen and bathroom flooring and vanities. We are pleased to reintroduce Heritage Village at Ocean as a high-quality, affordable housing options for seniors to call home.

We celebrated another ribbon cutting at the beginning of March for Heritage Village at Bloomfield, an affordable 82-apartment home, 55-plus housing community in Bloomfield.  In addition, we began construction on Bayshore Village, a 110-apartment home community for adults 62-plus in Middletown.  Both of these communities are built with resiliency in mind to protect our residents. Superstorm Sandy taught us our communities need to be built stronger to withstand weather-related events, so these communities have high quality, cement board exteriors, LED lighting, emergency generators, a ground level bathroom and shower that can be accessible during a power loss and an energy efficient ventilation system. We took great care in making these communities an affordable and exciting place to live, while preparing for the worst so our residents can feel safe in the event of an emergency.

We have also received two awards recognizing our business for our contributions to our industry. At the beginning of this year, CIS was named a 2015 Business of the Year by NJBIZ to celebrate our commitment to business growth, professional excellence and the community.  In May, Affordable Housing Finance recognized us as one of the Top 50 Affordable Housing Developers in the nation for the third time.  We are thrilled to be recognized for our contributions to both the State of New Jersey and the affordable housing industry.

As we begin the next quarter, we are looking forward to continuing this momentum.  We are finishing up construction on Heritage Village at Oakhurst, a 93-apartment home community that has already begun preleasing.  In Elizabeth, we are demolishing two 5-story obsolete buildings to make way for 96-town-over-flat apartments of affordable housing.

We are excited to share with you all the new developments we have coming in 2016!

Community Investment Strategies Builds Replacement Housing for Middletown Community Damaged by Superstorm Sandy

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Community Investment Strategies, Inc. (CIS), a recognized builder of award-winning 55+ and multi-family housing communities throughout New Jersey, is proud to announce construction is underway on Bayshore Village, a new affordable, age-restricted housing community for seniors 62 and older in Middletown, Monmouth County.

Bayshore Village is considered replacement housing for the senior community previously occupying the Port Monmouth site, which was partially destroyed by Superstorm Sandy. The new building will be built above flood elevation and will incorporate specific resiliency design elements to prevent and address potential weather- and disaster-related events including, high quality durable cement board exteriors, impact resilient windows, LED lighting, an emergency generator, bathroom and shower that are accessible during times of extended power loss, an elevator that is tied to the generator, and an energy efficient ventilation system.

“We are thrilled to have construction underway for Bayshore Village,” said Christiana Foglio, CIS founder and CEO. “Monmouth County was one of the areas that suffered the most damage during Superstorm Sandy, including the senior community that previously occupied the construction site. We are looking forward to opening a new affordable senior housing community that will be resilient against future disasters, so our residents can feel safe in their new homes.”

Funding for the community includes construction and permanent loans from the New Jersey Housing and Mortgage Finance Agency through the tax-exempt bond financing program, tax credit equity from Enterprise Community Investment Inc. through Low Income Housing Tax Credit and Community Development Block Grant Disaster Recovery (CDBG-DR) Funds.

“Our motto from the beginning of this endeavor has been ‘Rebuild, Replace, and Restore,’”   said Barbara Schoor, Vice President. “By rebuilding this community and replacing it with a new resilient structure built to withstand future weather events, we are restoring peace of mind to residents.”

When completed, Bayshore Village will be a three-story, 100,000-square-foot building comprised of 14 two-bedroom and 95 one-bedroom apartments, with an additional one-bedroom apartment for the live-in superintendent. Building amenities will include a fitness room, community room with fireplace and catering kitchen, library, computer room, wellness center, laundry facilities, key fob entry, security cameras and on-site parking. The building will be handicap accessible with multiple elevators. Apartment amenities will include patios/balconies, window blinds, high speed internet access, emergency pull cords, energy efficient appliances, dishwashers, washer/dryer hookups and central heating and air conditioning. Rent will be affordable at $755 to $889 for a one-bedroom and $905 to $1,020 for a two-bedroom apartment. Victims of Superstorm Sandy will have priority during leasing.