Real Estate Journal — Multifamily | Walter R. Cohn, Esq. EXPO 2016 — Owners, Developers & Managers — March 25 - April 14, 2016 — 19B

www.marejournal.com M id A tlantic

M ultifamily | W alter R. C ohn , E sq . EXPO 2016 Heritage Village at Bloomfield addresses need for affordable housing post-Hurricane Sandy Community Investment Strategies holds ribbon cutting ceremony for Bloomfield apartment


facilities,” said NJHMFA ex- ecutive director Anthony Marchetta . “We awarded the redevelopment project federal 9 percent Low Income Hous- ing Tax Credits that have generated approximately $12.7 million in private eq- uity and $5 million in federal CDBG-DR dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. This community represents another impor- tant 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 Bloom- field is comprised of 74 one- bedroom and 8 two-bedroom apartments, as well a commu- nity room, wellness and fitness centers, library, and on-site management office. Apart- ments include heating, air con- ditioning, new, energy efficient appliances, LED lighting, and emergency pull cords. Resi- dents will also enjoy a range of programmed activities. n

loomfield, NJ — 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 se- niors on a fixed income. After Hurricane Sandy, nearly 100,000 homes in Bloomfield were without pow- er for several days. Of the 859 units in Essex County that suffered flood damage, 54 per- cent 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 resil- iency features to protect resi- dents from future weather- related disasters. Resiliency features include high-quality, cement board exteriors; LED lighting; emergency genera- tors; ground level bathroom and a shower that are acces- sible 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 communi- ties need to be built stron- ger 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 Bloom- field resilient, preparing for the worst so residents can feel safe in the event of an emergency.” Funding for Heritage Vil- lage at Bloomfield includes Low Income Housing Tax Credit equity provided by Boston Capital and JPMor- ganCHASE, 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 financ- ing for Heritage Village at Bloomfield’s now completed redevelopment, which will directly benefit seniors while expanding affordable housing opportunities and community

Representatives of Community Investment Strategies, local officials, and community residents at the ribbon cutting for Heritage Village at Bloomfield in Essex County.

Made with FlippingBook - Online magazine maker