Heritage Village at Lambertville at 258 Brunswick Ave. in Lambertville — Courtesy: Community Investment Strategies
By Joshua Burd
Community Investment Strategies has secured more than $15 million in financing to preserve and renovate an 86-unit affordable senior housing property in Lambertville.
The firm, which specializes in income-restricted developments, said it expects to begin construction in early spring on major improvements to HVAC systems, life safety features, unit interiors and common areas at Heritage Village at Lambertville at 258 Brunswick Ave. It will do so with the help of 9 percent tax credits awarded by the New Jersey Housing and Mortgage Finance Agency, with additional support from the New Jersey Department of Community Affairs, TD Bank and Redstone Equity Partners.
The City of Lambertville also extended its payment in lieu of taxes agreement for the property, ensuring it remains affordable for the next 30 years. According to CIS, the complex includes 76 one-bedroom and 11 two-bedroom apartments.
