Former Bentley Woods Apartments
Whitney Crescent Apartments
Whitney Crescent is located in Glassboro, New Jersey at the site of a former apartment complex known as Bentley Woods built in the 1970’s under the HUD Section 236 Program. Over the past 30+ years, Bentley Woods suffered from severe mismanagement, persistent drug and other related criminal activity and the overall physical condition of the buildings had deteriorated. The residences were obsolete and no longer suitable for safe and healthy living.
Community Investment Strategies, Inc. (CIS) was selected by the Borough of Glassboro to redevelop the site in 2008 and was successful in obtaining planning and financial approvals to construct one-for-one replacement housing. CIS purchased the property in early 2010 and began re-positioning the project right away.
The new project contains 80 total units, 28 three-bedroom apartments and 52 two-bedroom apartments, rented to low income families, five of which are for families with special needs.
In order to preserve the affordability controls, the HUD project-based Section 8 HAP contract that was in place for Bentley Woods was transferred to Whitney Crescent and extended for 20 years. Qualified residents previously residing at Bentley Woods all had the opportunity to relocate to the new housing.
Spread through eight new buildings, the units are spacious homes, with dishwashers, in-unit washers and dryers, on-site parking, a community center/clubhouse, and a “tot lot” for residents’ children. The town-over-flat homes at Whitney Crescent are designed to give families a sense of private space akin to homeownership with private outdoor entrances and patios for each unit. The site was designed in coordination with the Borough to improve public safety and security through enhanced site lighting and defensible space principles. The new units are energy-efficient to help reduce resident’s utility costs, and the community building is served by a 20 kW solar photovoltaic clean-energy system. Whitney Crescent helps the Borough satisfy its affordable housing requirements and expand housing opportunities to offer new housing for low and moderate-income families.
Redevelopment / New Construction
80 Affordable Rental Units
Ownership: CIS Owned and Managed
Construction 2010, Occupancy 2010-2011
Total Investment: $24M
Development Partners and Funding Sources:
JPMorganCHASE (LIHTC Investor), Boston Capital (LIHTC Equity syndicator), NJHMFA Permanent Financing,TCAP, NJHMFA Special Needs Housing Trust Fund, Municipal Affordable Trust Funds, Gloucester County HOME, Federal Home Loan Bank NY, Developer Equity