Photo: Pictured left to right – Anthony L. Marchetta, executive director, HMFA; Ocean Township Mayor Chris Siciliano; and Christiana Foglio, founder and CEO, Community Investment Strategies.
We are pleased with the construction progress underway at Heritage Village at Oakhurst, following a groundbreaking ceremony this past spring. There is a high amount of interest in the new residence, and we look forward to opening doors in fall of 2016.
When complete, CIS’ Heritage Village at Oakhurst, which is being built using federal Sandy Recovery funds, will comprise 93 one and two-bedroom rental apartments for income qualified households 55 years and older within one four-story, 100,000 square-foot building. The community will replace affordable senior homes in the area that were destroyed by flooding, will incorporate specific resiliency design elements to prevent and address potential weather and disaster-related events.
We have designed Heritage Village to offer vibrant, affordable living for adults 55 and older who are looking for a place to thrive. We are proud to work on a project that is replenishing affordable housing options for seniors that were lost due to flooding. They are now able to return to the community they called home.
The New Jersey Housing and Mortgage Finance Agency (HMFA), an affiliate of the New Jersey Department of Community Affairs (DCA), provided financing for Heritage Village at Oakhurst and approximately $11 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM).
Anthony L. Marchetta HMFA Executive Director attended the groundbreaking event and said, “The HMFA is immensely pleased to be a part of Heritage Village at Oakhurst, which would not have broken ground without the collaborative effort of our agency, CIS, Ocean Township and Monmouth County. This senior development will not only deliver quality affordable housing opportunities to seniors affected by the storm, but also introduce new investment to the community.
Ocean Township Mayor Christopher Siciliano added, “Ocean Township is proud to welcome a new community development that fills a void for seniors who were displaced in the advent of Hurricane Irene and Superstorm Sandy. We look forward to the completion of what we’re sure will be a valuable asset to our community.”
During the first three months of leasing of Heritage Village at Oakhurst, individuals who were impacted by Sandy and registered for Federal Emergency Management Agency (FEMA) assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage will be given priority for residency.
Financing includes HMFA Construction and Permanent Financing, Community Block Development Grant Disaster Recovery Fund for Multi-family Recovery, NJHMFA Special Need Housing Trust Funds, Monmouth County HOME Funds, and Township Of Ocean. Financing and Low Income Housing Tax Credit Equity provided by Enterprise Community Investments.