Heritage Village at Bloomfield Addresses Need for Affordable Housing Post-Hurricane Sandy
Bloomfield, N.J., March 11, 2016 — /EPR REAL ESTATE NEWS/ — State, county, and local officials joined Community Investment Strategies, Inc. (CIS) for a ribbon cutting ceremony to unveil Heritage Village at Bloomfield – an 82-apartment affordable 55-plus housing community in Bloomfield, Essex County that serves seniors on a fixed income.
After Hurricane Sandy, nearly 100,000 homes in Bloomfield were without power for several days. Of the 859 units in Essex County that suffered flood damage, 54 percent were low- to moderate-income households, leaving a high-demand for affordable housing options. Heritage Village at Bloomfield not only addresses the demand, but it was constructed with resiliency features to protect residents from future weather-related disasters. Resiliency features include high-quality, cement board exteriors; LED lighting; emergency generators; ground level bathroom and a shower that are accessible during times of extended power loss; and an energy-efficient ventilation system.
“As both a developer and owner of affordable housing complexes, Hurricane Sandy taught us that our communities need to be built stronger so they can withstand weather-related events and keep our residents protected,” said Christiana Foglio, CIS founder and CEO. “We took great care in making Heritage Village at Bloomfield resilient, preparing for the worst so residents can feel safe in the event of an emergency.”
Funding for Heritage Village at Bloomfield includes Low Income Housing Tax Credit equity provided by Boston Capital and JPMorganCHASE, a construction and permanent loan from the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and Community Development Block Grant Disaster Recovery (CDBG-DR) Funds.
“At NJHMFA, we are happy to have provided an integral part of the financing for Heritage Village at Bloomfield’s now completed redevelopment, which will directly benefit seniors while expanding affordable housing opportunities and community facilities,” said NJHMFA Executive Director Anthony L. Marchetta. “We awarded the redevelopment project federal 9 percent Low Income Housing Tax Credits that have generated approximately $12.7 million in private equity and $5 million in federal CDBG-DR dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. This community represents another important revitalization program that has fully restored the quality and safety of each of these units from normal wear and tear as well as damage sustained in the wake of the superstorm.”
Heritage Village at Bloomfield is comprised of 74 one-bedroom and 8 two-bedroom apartments, as well a community room, wellness and fitness centers, library, and on-site management office. Apartments include heating, air conditioning, new, energy efficient appliances, LED lighting, and emergency pull cords. Residents will also enjoy a range of programmed activities.
“Our town was devastated after Hurricane Sandy. Some houses were nearly 10 feet underwater and others experienced property damage, downed power lines and fallen trees from the strong winds,” said Bloomfield Mayor Michael J. Venezia. “CIS shared our same vision for rebuilding Bloomfield after Hurricane Sandy, and we are grateful for the hard work they put into creating a community where residents can feel safe and comfortable and where our seniors will have the opportunity to continue living here and contributing to our community in affordable housing.”
Rent for a one-bedroom apartment ranges from $493 for residents at or below 30 percent area median income (AMI), $700 for residents at or below 50 percent AMI, and $862 for residents at or below 60 percent AMI. Rent for a two-bedroom apartment ranges from $592 for residents at or below 30 percent AMI and $1,028 for residents at or below 60 percent AMI. For leasing information, please call 973-748-1952.
Since 1994, Community Investment Strategies has been a leading developer of multifamily housing, including 55-plus, senior housing and mixed-use redevelopments, as well as market-rate and affordable housing. The company’s diverse portfolio includes more than 3,000 apartment rental units. CIS has been recognized for its award-winning communities, corporate citizenship and advocacy, as well as its people-first philosophy. A woman-owned business enterprise, the firm is committed to promoting gender and ethnic diversity throughout its own organization as well as the communities in which its projects are located. For more information, visit www.communityinvestmentstrategies.com.