Community Investment Strategies Inc. on Wednesday joined residents and public officials to unveil Bayshore Village, a new affordable housing community for seniors in Middletown. — Courtesy: Community Investment Strategies Inc.
By Joshua Burd
A developer has opened a new affordably priced, senior housing community in Monmouth County at the site of a complex that was damaged so badly by Hurricane Sandy that it had to be demolished.
Community Investment Strategies Inc. on Wednesday joined residents and public officials to unveil the Middletown project, known as Bayshore Village. Featuring 110 units, the nearly $32 million project was built above flood plain elevation and was financed with the help of state and federal funding programs aimed at restoring homes destroyed by Sandy.
Rents range from $755 to $889 for a one-bedroom and $905 to $1,025 for a two-bedroom apartment, according to Community Investment Strategies, or CIS. The three-story complex serves seniors age 62 and over, with an income that is at or below 60 percent of the area median income.
“Middletown was ground zero for the interagency relief efforts working hard to bring normalcy back to the Garden State after Hurricane Sandy,” said Lynne Patton, regional administrator for New York and New Jersey for the U.S. Department of Housing and Urban Development. “To that end, it’s only appropriate that we gather here today to celebrate another example of critical partnerships — Bayshore Village.”
Barbara K. Schoor, project manager and vice president at CIS, said the construction features high-quality, durable exteriors; hurricane-rated, impact resilient windows; and a state-of-the-art insulation and weather barrier system. Other features include energy-efficient ventilation system, an emergency generator that powers an elevator and a bathroom and shower that will be accessible during times of extended power loss.
“Resiliency represents a new way of thinking about building, reconstruction and rehab, especially in areas prone to weather-driven disasters,” Schoor said. “We have also turned toward new techniques and materials.”
HUD provided $18.9 million in Sandy recovery funds, which were administered by the New Jersey Housing Mortgage and Finance Agency. The state agency also provided $16.9 million in construction and permanent financing and $754,205 from the Multifamily Rental Housing Production Loan Program.
Providing zero-interest and low-interest financing to for-profit and nonprofit housing developers, the loan program was created after the October 2012 storm to spur new affordable housing in the nine counties most impacted by the storm. The HMFA also awarded 4 percent Low Income Housing Tax Credits to CIS, which were expected to generate $8.1 million in private equity.
“We are very proud of our efforts to help in the effort to rebuild and restore in the five years since Superstorm Sandy,” NJHMFA Executive Director Anthony L. Marchetta said. “NJHMFA provided the capital financing required to make Bayshore Village possible by leveraging Sandy recovery dollars with our existing programs and financing, and the result is this beautiful development.”
The building is handicap-accessible with multiple elevators and consists of 14 two-bedroom and 95 one-bedroom apartments, with an additional one-bedroom unit for the live-in superintendent, the news release said The smoke-free, pet-friendly community features amenities such as a fitness room, community room with fireplace and catering kitchen, library and other facilities.
“We will be providing an on-going resident engagement program for preparedness and resiliency and are also are in close coordination with the Office of Emergency Management,” said Christiana Foglio, CEO of Lawrenceville-based CIS. “Residents suffered too much during and after Sandy. We want to prevent any chance of a similar situation.”
Middletown Mayor Gerry Scharfenberger added that many of the residents have lived in the township for their entire lives, noting: “Making it possible for residents to return to the neighborhood they know and love was important to us.”
