NJHMFA Commits $8.8 million AHPF loan for Heritage Village at Wall Phase II

A 55+ senior affordable community to be built by Community Investment Strategies (CIS) Inc., received over $8.8-million-dollars in an Affordable Housing Production Fund loan (AHPF) from the NJHMFA.

Heritage Village at Wall II a 55+ senior affordable community to be built by Community Investment Strategies (CIS) Inc., received over $8.8-million-dollars in an Affordable Housing Production Fund loan (AHPF) from the NJHMFA. In addition to, CIS Inc., who received a commitment for over $3.6 million in a permanent mortgage, $6.8 million in short-term bonds, and $750,000 in Special Needs Housing Trust Funds. TD bank will provide a construction of $17 million and Tax credit investment by Redstone Equity Partners capital of 6.5 million.

The two buildings will start construction this spring offering a total of 152 new senior units to the Wall community.

The common space amenities covering over 12,000 square feet include a club room, fitness center, lounge, laundry facility, computer room and an area for mail. Throughout both phase 1 and 2 will be additional meeting spaces and a wellness center. An outdoor patio and community garden will be located next to the community room.

The new senior development will include 152 total units between the two buildings with 139 one-bedroom units and 12 two-bedroom units. Each residential unit will range in size from approximately 670 to 1,035 sq. ft.

The proposed net rents for the one-bedroom units range from $395 to $1,252 and the two-bedroom units range from $477 to $1,505 depending on the target population income range. The new apartments will target residents earning between 20% and 60% Area Median Income (AMI).

In-unit amenities include sustainable Energy-Star rated appliances, linen closets, pantries, blinds, ample storage space, luxury vinyl flooring, washer/dryer hook-ups and all-electric individual heating and cooling.

Statewide Care, LLC (Care Strategies) will be the social service provider for Heritage Village at Wall providing Healthy Lifestyles and Education Programming to promote active and independent living.

Construction is expected to take 18 months with the first units being available in the fall of 2025.