North Brunswick, N.J. (June 18, 2019) –Community Investment Strategies, Inc. (CIS), opens North Brunswick Crescent Apartments, a rehabilitation and revitalization of the former Oakleaf Village apartments.
CIS, a recognized builder of award-winning multi-family housing communities throughout New Jersey, held a ribbon cutting ceremony to unveil North Brunswick Crescent, an affordable housing community in North Brunswick Township, Middlesex County.
“CIS is pleased to add North Brunswick Crescent to our growing family of communities,” said Christiana Foglio, CEO of CIS. “We are thrilled to have re-positioned this older property and turn it into a thriving new community.”
Addressing the audience, Mayor Francis M. Womack III spoke about the importance of affordable housing. He said “our families should not have to leave Middlesex County because they can’t afford to stay. Having affordable options, such as North Brunswick Crescent, allows for families to stay close to loved ones and the ability to enjoy the great schools and wonderful community of North Brunswick.”
The Township of North Brunswick partnered with Community Investment Strategies, Inc. (CIS) and contributed $5.25 million in affordable housing trust funds towards the more than $10 million purchase of an aging apartment complex in dire need of repair.
As part of the redevelopment, the township entered into an agreement with CIS and approved a tax abatement via a Payment in Lieu of Taxes (PILOT). This new all-affordable complex was a significant element of the Township satisfying its third-round affordable housing obligations with the State of New Jersey.
“North Brunswick Crescent Apartments will provide updated, quality homes that are affordable for working families and are close to jobs and transportation,” said New Jersey Housing and Mortgage Finance Agency Executive Director Charles A. Richman. “These renovations will significantly improve the quality of life for residents, and also provide supportive housing for residents with special needs.”
The redevelopment involved the substantial rehabilitation of all 16 buildings including new roofs, all new exteriors and interiors, new windows, doors, insulation, upgraded electrical and plumbing systems, new fixtures and appliances, the addition of central heating, air-conditioning, individual hot water heaters, the restoration of hardwood floors, and a newly constructed 2,000 sq. ft. clubhouse building.
Of the 184 apartments, 6 are rented at the 30% of median income level, 60 at the 50% of the median income level and 117 at the 60% of median income level. One apartment is reserved for a superintendent. 5% of the apartment-homes are fully handicap accessible and another 2% are designed for the hearing and visually impaired. In addition, during the lease up, preference was given to veterans and homeless applicants.
Financing includes LIHTC Equity syndicated by Boston Capital, tax-exempt bonds and 4% tax credits from the NJHMFA, construction and permanent financing from Citibank, N.A., North Brunswick Township Affordable Housing Trust Funds, Affordable Housing Program Funds from the Federal Home Loan Bank of New York, and Developer Equity.