COMMUNITY INVESTMENT STRATEGIES, INC. PURSUES TODAY’S OPPORTUNITIES IN NEW JERSEY’S AFFORDABLE HOUSING MARKET
Barbara Schoor, Vice President, Serves as Panelist at Shore Builders Meeting
NEPTUNE, N.J., June 30, 2011 – Barbara Schoor, vice president of Community Investment Strategies (CIS), Inc., recently addressed how affordable housing contributes toward the revitalization of New Jersey’s urban and suburban housing markets at a breakfast meeting hosted by the Shore Builders Association of Central NJ (SBACNJ). CIS, based in Lawrenceville, is a fully integrated real estate organization specializing in multi-family housing, including 55+, senior housing and mixed-use redevelopments, as well as market-rate and affordable housing.
Affordable housing is an integral part of the overall real estate recovery in New Jersey, according to Schoor. “Recently, there has been a lack of affordable housing development in the state,” she explained. “A combination of factors have contributed toward this shortfall, including the residential housing slump. General uncertainty associated with current state policy and how to incorporate affordable housing into New Jersey neighborhoods also exists.”
In her role at CIS, Schoor manages the company’s multi-family development projects, which primarily involve low-income, tax-credit units for young adults, families, seniors and individuals with special needs. “The market for these units, which declined in the aftermath of the financial crisis, is gaining renewed strength at a time when there is heightened demand and need in communities hit especially hard by the residential housing crisis,” Schoor added.
“Communities are still required to provide their fair share of the affordable housing needs according to the Fair Housing Act. But, because of several complex factors, many New Jersey township officials are unfamiliar with their obligations and builders are unsure of what to build to satisfy these requirements. This confusion has resulted in little-to-no development activity.”
CIS has been helping public officials and local residents navigate the affordable housing maze since 1994. The for-profit, certified Woman-Owned Business Enterprise (WBE) offers in-house finance, development, construction and management services as an extension of its commitment to build value-added communities.
The company’s broad spectrum of multi-family properties, ranging from garden apartments to mid- and hi-rise complexes, include more than 2,000 apartment-rental units valued in excess of $350 million. Established by Christiana Foglio, founder/owner and chief executive officer, CIS is widely acknowledged for its dedication to developing the most appropriate low-to-moderate housing options. The company has been consistently recognized for its award-winning communities, business model, corporate citizenship and advocacy as well as people-first philosophy.