At Community Investment Strategies, we have begun leasing Heritage Village at Galloway, a 100-unit senior housing complex. This property provides quality independent living enabling seniors to thrive in beautiful new apartments. Located only twenty minutes to Atlantic City, Heritage Village at Galloway offers a great location for active adults at an affordable price.
Heritage Village has been built with sustainability standards and energy star appliances. The building boasts a beautiful large community room with fireplace, outdoor patio and catering kitchen, as well as a state-of-the art fitness center, library, computer room, and Wellness Center. A full Wellness program will be available to seniors through the CIS B-Well program. Additionally, each unit provides central air conditioning, dishwashers, and laundry hook ups.
"The challenges of building this community during the COVID crisis was only possible through significant partnerships," said Chris Foglio, CEO of CIS. CIS has been fortunate to have the opportunity to work closely with Galloway Township, especially Mayor Jim Gorman, and the entire municipal team.
“We are so pleased that a true affordable senior housing community is now available for our community. As the coronavirus continues to damage the economy, affordable housing has become even more important to keep our local residents in Galloway," said Mayor Gorman.
Foglio continued to express her gratitude by thanking CIS's corporate partners, Otis Elevator, GE Direct, and Hudson Housing Capital for their incredible dedication to completing this project on time.
Otis provided two Gen2 ® elevators for Heritage Village. The Otis Gen2 elevator redefined the elevator industry with breakthrough technology that replaced conventional ropes with flat belts, leading to a more comfortable ride, greater reliability, more efficient operation and increased energy efficiency compared to conventional roped elevators. “At Otis, we’re proud to offer mobility solutions that support independent living facilities like Heritage Village at Galloway. Many thanks to our employees and the others on site for their essential work to make this senior community a reality,” said Dan Cellucci, Otis Regional General Manager for the mid-Atlantic.
The $27 million dollar project was financed by conduit bonds issued by the NJ Housing & Mortgage Finance Agency, and received $17 million from the Fund For Restoration of Multifamily Housing Disaster Recovery funding. Over $9 million in equity from the sale of Low Income Housing Tax Credits was provided by the lead investor, JP Morgan Chase, for the construction of the community.
"During a time of uncertainty and fear, we are proud to offer affordable housing that future senior residents will be proud to call home," said Foglio.
To be eligible, Seniors must make 60% or less of the area median income. Please visit the Heritage Village at Galloway website to learn more. Applications are now available online.