4B — June 28 - July 11, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
ORTH BRUNS - WICK, NJ — A ribbon-cutting cere- Ribbon cutting marks opening of affordable apartments for families in North Brunswick NJHMFA & CIS celebrate the opening of North Brunswick Crescent Apartments N
and How Lane. The rede- velopment included adding eight two-story additions to existing buildings and the construction of a 2,000 s/f clubhouse building. The complex, developed by Community Investment Strategies (CIS) , includes one- and two-bedroom apart- ments for families earning up to 60 percent of the area median income. Six apart- ments will provide homes for homeless individuals and families and veterans. “North Brunswick Cres- cent Apartments will provide updated, quality homes that
are affordable for working families and are close to jobs and transportation,” said NJHMFA executive director Charles Richman . “These renovations will significantly improve the quality of life for residents, and also provide supportive housing for resi- dents with special needs.” The redevelopment in- volved the substantial re- habilitation of all 16 build- ings including new roofs, new exteriors and interiors, new windows, doors, insu- lation, upgraded electrical and plumbing systems, new fixtures and appliances, the addition of central heating, air-conditioning, individ- ual hot water heaters and the restoration of hardwood floors. NJHMFA provided the project with $15.3 million in financing from its con- duit bond program and also awarded 4 percent Low In- come housing Tax Credits, which generated an addi- tional $9 million in private equity. The project also re- ceived $1.2 million from the Federal Home Loan Bank , and the Township of North Brunswick provided $5.25 million in Affordable Hous- ing Trust Funds. Existing tenants were of- fered permanent relocation and moving cost assistance to move to a new apartment outside the complex, or were moved internally to a vacant apartment. Several who re- located outside the complex moved back once the apart- ments were completed. Community Investment Strategies, based in Law- renceville, is a woman- owned, award-winning busi- ness that has built and re- developed more than 3,000 units throughout the state, bringing high quality hous- ing options to low- and mod- erate-income families. continued from page 3B Mobility drives immediacy and . . . devices into mobile data cen- ters that make doing busi- ness in the field as efficient, transparent and transitory as any activity performed in the office. Michael Mullin is presi- dent of Integrated Business Systems (IBS) in Totowa, NJ.
mony celebrated the opening of North Brunswick Crescent Apartments which provide 184 apartments affordable to working families and were financed in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) . The $31.8 million project involved the rehabilitation of the former Oak Leaf Village Apartments, a market-rate community of 16 two-story buildings originally built in the early 1970s off Rte. 27
North Brunswick Mayor Francis M. Womack III, center, cuts the ribbon joined by Christiana Foglio, CEO of CIS, next to the mayor, and other officials during the event.
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