Moorestown, NJ – (RealEstateRama) — 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.
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.