CITY OF ELIZABETH CELEBRATES HOPE VI REVITALIZATION AND COMPLETION OF WATERS EDGE CRESCENT
Community Exemplifies How Affordable Housing Provides Catalyst for Long-Term Neighborhood Revitalization and Growth
Overview:The grand opening of Waters Edge Crescent marks the completion of the City of Elizabeth’s 14-year initiative to demolish approximately 650 distressed public housing units and rebuild the same number of newly constructed modern affordable housing units. Community Investment Strategies (CIS), Inc., developer/owner/property manager of Waters Edge Crescent, has been actively involved in a public agency/private developer/local resident coalition since the Elizabethport HOPE VI Revitalization was launched with a $28.9 million federal grant in 1997. Waters Edge Crescent exemplifies how neighborhoods can be transformed, through affordable housing, by engaging long-time residents to provide input throughout the entire process to achieve dramatic quality-of-life improvements. CIS and its subsidiaries also developed, constructed and now manage HOPE VI’s Heritage Village at Elizabeth, an affordable senior residential community, and Portside II, an affordable family residential community, both completed in 2006.
Multimedia Links: http://www.youtube.com/watch?v=AmA_KOCHLtE
ELIZABETH, N.J., June 29, 2011 – City and state officials, members of the Elizabeth Housing Authority (HACE), representatives of Community Investment Strategies, (CIS) Inc. and community leaders recently marked the official opening of Waters Edge Crescent in Elizabeth. The event’s keynote speakers (in order of appearance) included Mayor J. Christian Bollwage; Lucille Garner, a local resident who led the prayer; Sen. Raymond Lesniak; Councilman Manny Grova; William Jones, chairman of the Housing Authority of the City of Elizabeth (HACE); Wynona Ancrum, a local resident and HACE board chairwoman; and Christiana Foglio, founder/owner and chief executive officer of CIS.
Developed by Lawrenceville, N.J.,-based CIS, Waters Edge Crescent was repositioned by incorporating construction elements that had already been completed, including site work, utility installations and foundations for 12 units. As a result, the community boasts several unique features, including private front doors, garages, balconies and waterfront views.
Rents range from $625 to $1,070, based on each one-, two- and three-bedroom unit’s size and income range of its tenants. Eleven units are designated for public housing residents who pay 30 percent of their income toward rent and one unit is reserved for a live-in superintendent.
Funding for Waters Edge Crescent was provided by the New Jersey Housing and Mortgage Finance Agency, HACE, The City of Elizabeth, and additional funds provided by the American Recovery and Reinvestment Act.
CIS was founded in 1994 as a woman-owned business by Christiana Foglio, chief executive officer. The for-profit, certified WBE specializes in multi-family housing, including 55+, senior housing and mixed-use redevelopments. Activities include in-house development, construction and management services as an extension of its “people first” philosophy. CIS has developed a broad spectrum of multi-family properties, ranging from multiplex apartments and townhomes to mid- and hi-rise complexes, valued in excess of $350 million. The company’s diverse portfolio includes more than 2,000 apartment-rental units, with a high concentration in New Jersey.
Relevant Links: www.caryl.com/pressreleases.cfm?pressID=3516&homelink=1