HERITAGE VILLAGE AT BLOOMFIELD EARNS FEDERAL LOW-INCOME HOUSING TAX CREDITS
Bloomfield Affordable Housing Project is Awarded Sandy Rebuild Funds
BLOOMFIELD/LAWRENCEVILLE, N.J., Oct. 30, 2013 – Heritage Village at Bloomfield, a planned 82-unit affordable housing community, has been awarded Federal Low-Income Housing Tax Credits (LIHTC) by the New Jersey Housing and Mortgage Finance Agency (HMFA). The tax credit will result in about $12.725 million of equity for the project, which is being developed by Community Investment Strategies, Inc. (CIS), ofLawrenceville,N.J.
“Nationwide, demand for affordable senior housing far exceeds supply, andBloomfieldis no exception,” said Christiana Foglio, CIS founder and CEO. “HeritageVillageatBloomfieldis an important step toward providing older local residents with a less-expensive housing option while addressing a need that is expected to only increase over the next 20 to 30 years.”
The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan (CDBG-DR) Sandy Disaster Recovery Program. This additional funding will enable construction of the development to begin next spring.
“New affordable housing in Bloomfield will create an opportunity to retain the town’s senior population by addressing their diverse needs,” stated Theresa Reed, CIS’ vice president.
Located on the corner of Franklin Street and Municipal Plaza, Heritage Village at Bloomfield will contain 82 new, affordable, energy-efficient and handicapped-accessible units for residents, 55 years of age and older. The environmentally friendly building will offer 74 one-bedroom and eight two-bedroom apartments as well as a 1,800-square-foot community center. Residents will benefit from on-site property management including 24-hour emergency maintenance service provided by CIS’ affiliate, CIS Management, Inc. CIS plans to incorporate various social services into the community to assist seniors. In addition, the building will meet Energy Star requirements.
The project was conceived in collaboration with township officials and will be located in the downtown redevelopment zone, which encourages development growth within the community.
“The Heritage Village at Bloomfield project is a shining example of government agencies and the private sector working together to replenish the supply of affordable rental units lost as a result of storm damage from Superstorm Sandy. The project will help ensure that all Sandy-impacted households, including those of limited financial means, can return to live in their home communities,” stated New Jersey Department of Community Affairs Commissioner Richard E. Constable,III.
“It is the culmination of several years of planning by myself, my department as well as other departments and with the support of the Township’s elected officials, and I would like to thank everyone for their persistent efforts,” said Glenn Domenick, Bloomfield’s director of community development. “I cannot tell you how pleased I am to be able to bring a project of this nature toBloomfield.”
The competitive process for allotting tax credit has meant that only 25 of the 51New Jerseyprojects which submitted applications received awards, issued in August. The LIHTC system is a staple of affordable housing development, accounting for approximately 90 percent of all affordable housing development in the U.S. today.
Funds from the Sandy Disaster Recovery Program were issued to CIS under the $179.52 million Fund for Restoration of Multifamily Housing (FRM). The Fund is administered by the HMFA and provides CDBG-DR funding to rebuild and rehabilitate affordable housing located in areas affected by Superstorm Sandy; specifically in the nine counties of:Atlantic,Bergen,Cape May,Essex,Hudson, Middlesex, Monmouth, Ocean andUnion.
Lawrenceville, N.J.-based CIS specializes in multi-family housing, including 55+, senior housing and mixed-use redevelopments as well as market-rate and affordable housing. The for-profit, certified woman-owned business enterprise (WBE) is widely acknowledged 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.