State and local officials join Community Investment Strategies, Middletown Senior Citizens Housing Corporation and Enterprise Community Investment at a property that replaces an affordable seniors development destroyed by Sandy and serve as a model for resilience
Federal, state and local officials including Deputy Mayor Anthony P. Fiore; Senator Joseph M. Kyrillos, Jr.; Thomas A. Arnone, Director, Monmouth County Freeholder; Anthony Marchetta, Executive Director of NJ Housing and Mortgage Finance Agency; and Maria Maio, Representative of the U.S. Department of Housing and Urban Development today joined developer and owner Community Investment Strategies, Middletown Senior Citizens Housing Corporation and Enterprise Community Investment for a Hard-Hat Tour of Bayshore Village.
Consisting of 110 affordable apartments for seniors age 62 and older, Bayshore Village is critically needed replacement housing for a 96-apartment affordable senior community which was partially destroyed by Superstorm Sandy in Monmouth County – one of the areas hit hardest during the historic hurricane that damaged or destroyed more than 600,000 homes in New Jersey and New York alone.
Bayshore Village incorporates lessons learned from Superstorm Sandy generated by the Learning Collaborative for Multifamily Housing Resilience, of which Community Investment Strategies was a part. Convened by Enterprise Community Partners, the parent organization of Enterprise Community Investment (collectively known as Enterprise), following Superstorm Sandy as part of their Recovery and Rebuilding Program, the Learning Collaborative provided a forum for a broad community of affordable multifamily housing groups to share experiences and best practices to improve the resiliency of their affordable housing properties and safeguard them from future crises.
“Sandy changed the way we think about building and renovating affordable housing,” said Christiana Foglio, owner and CEO, Community Investment Strategies. “Following the storm and lessons we took from our experience with the Learning Collaborative, we’re extremely diligent in terms of thinking through weather impact and disaster preparedness.”
Building on these lessons, Bayshore Village is located above flood elevation and includes specific design elements to prevent and address weather- and disaster-related events such as durable cement-board exteriors; impact-resilient windows; LED lighting; an emergency generator, bathrooms, showers and elevators that work during extended power loss; and an energy-efficient ventilation system.
When Bayshore Village is completed in spring 2017, displaced residents will have first priority to return to the new three-story, 100,000-square-foot handicap accessible building with 14 two-bedroom units and 96 one-bedroom apartments. Rents will range from $755 to $1,025 including amenities such as a fitness center, community room with fireplace and catering kitchen, library, computer room, wellness center, laundry facilities, key fob entry, security cameras and on-site parking.
Financing for Bayshore Village includes tax-exempt bonds and Sandy Disaster Recovery Community Development Block Grant funds provided by NJ Housing and Mortgage Finance Agency and $8.2 million in Low Income Housing Tax Credit equity syndicated by Enterprise Community Investment, whose investor is JPMorgan Capital Corporation.
“Enterprise is proud to work with Community Investment Strategies and all of the partners involved in making Bayshore Village a reality,” said Raoul Moore, SVP of tax credit syndication at Enterprise Community Investment. “It’s a critically needed development that represents the best of what Enterprise and its partners bring to the table to create high quality, resilient affordable housing in New Jersey and nationwide.”
Photo: (Left to Right) Mark Issa, President, CIS Construction; Christiana Foglio, CEO, Community Investment Strategies; Barbara Schoor, Vice President, Community Investment Strategies; Senator Joseph M. Kyrillos Jr.; Thomas Arnone, Monmouth County Freeholder; Maria Maio, HUD Representative; Pamela Moore, PRC Group; Serena DiMaso, Monmouth County Freeholder; Raoul Moore, Senior Vice President, Enterprise Community Partners; Anthony Marchetta, Executive Director, NJHMFA; Anthony P. Fiore, Deputy Mayor of Middletown; Kevin M. Settembrino, Middletown City Council; William Bouw, Treasurer, MSCHC; Catherine Rogers, President, MSCHC; Carmen Peterson, Vice President, MSCHC; Andrew Bane, Director, MSCHC; Ned Hammond, Director, MSCHC.
Since 1994, Community Investment Strategies has been a leading developer of multifamily housing, including 55-plus, senior housing and mixed-use redevelopments, as well as market-rate and affordable housing. The company’s diverse portfolio includes more than 3,000 apartment rental units. CIS has been recognized for its award-winning communities, corporate citizenship and advocacy, as well as its people-first philosophy. A woman-owned business enterprise, the firm is committed to promoting gender and ethnic diversity throughout its own organization as well as the communities in which its projects are located. For more information, visit www.communityinvestmentstrategies.com.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to good schools, jobs, transit and health care. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.