COMMUNITY INVESTMENT STRATEGIES, INC. NAMED AMONG NATION’S TOP AFFORDABLE HOUSING DEVELOPMENT COMPANIES
For-Profit Woman-Owned Business Enterprise Recognized for New Jersey Multi-Family Projects
LAWRENCEVILLE, N.J., April 30, 2012 – Community Investment Strategies, Inc., (CIS) has been named among the nation’s top affordable housing development companies, based on the number of units under development, by Affordable Housing Finance. Lawrenceville, N.J.-based CIS 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.
The for-profit company’s diverse portfolio includes more than 2,000 apartment-rental units located in the northeast, with a high concentration in New Jersey. The list includes leading national and regional developers who broke ground on a total of 232 new construction projects featuring 19,053 affordable housing units nationwide last year. This marks the first ranking for CIS, which was recognized for its completion of Water’s Edge Crescent in Elizabeth, N.J., and lease-up of Cape Manor, a special needs community in West Cape May, N.J.
“This level of activity demonstrates promising news for affordable housing development, which has been catalyzed by the return of low-income housing tax credit (LIHTC) capital and confidence in affordable housing as an effective tool for economic development,” said Christiana Foglio, CIS founder and CEO.
CIS is currently expanding its development and redevelopment activities within urban and suburban areas to incorporate market-rate and affordable housing components, as well as special needs housing. The company also is partnering with community groups and public officials to identify potential opportunities to restore distressed neighborhoods.
Current initiatives include Whitney Crescent in Glassboro, N.J., a three-phase, 80-unit affordable apartment-rental community; 112 newly constructed two- and three-bedroom apartment-rental units at Windsor Crescent in Jackson, N.J.; and North Brunswick Crescent, which includes the redevelopment of 183 distressed units into new, modern affordable apartment-rental units in North Brunswick, N.J.
Since its founding in 1994 as a woman-owned business enterprise, CIS has developed a broad spectrum of multi-family properties, ranging from garden apartments to mid- and hi-rise complexes, valued in excess of $350 million. In addition to CIS, the company’s affiliates include CIS Construction LLC and CIS Management, Inc.
CIS is widely acknowledged for its dedication to developing the most appropriate low-to-moderate housing options and has been consistently recognized for its award-winning communities, business model, corporate citizenship and advocacy. The company is a past recipient of the Corporation for Supportive Housing and Supportive Housing Association of NJ Supportive Housing Award, Top Woman-Owned Business in New Jersey Award, Van Zandt Community Involvement Award and the Urban Land Institute’s Edward J. Bloustein Award for Exemplary Achievement in Civic Leadership.
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