Portside II at 136 Pine St. in Elizabeth — Courtesy: Community Investment Strategies
By Joshua Burd
Community Investment Strategies is teaming with the Geraldine R. Dodge Foundation to upgrade and preserve the region’s affordable housing stock, starting with a 169-unit property in Elizabeth.
According to a news release, the nonprofit Dodge Foundation will provide predevelopment financial support to help rehabilitate the city’s Portside II property at 136 Pine St., seeking to enhance accessibility and ensure modern, comfortable living conditions for residents. That will pave the way for extending deed restrictions on the complex, which opened in 2006 as part of the HOPE VI redevelopment in Elizabeth’s port district.
The investment will also help launch the partnership, which Community Investment Strategies or CIS Inc. said will leverage innovative funding strategies, policy advocacy and community engagement.
“We are thrilled to join forces with the Geraldine R. Dodge Foundation in our commitment to the preservation of critical communities like Portside II,” said Christiana Foglio, founder and owner of CIS Inc. “This new partnership enables us to expand our reach as a small women-owned company by giving us access to additional capital early in the process. The CIS investment in the reposition of Portside II will ensure residents will continue to have a safe, sustainable and affordable place to live — now and for generations to come.”
The organizations noted that the project advances both CIS and the Geraldine R. Dodge Foundations’ missions and will expand access to equitable housing opportunities and promote long-term economic growth and stability for low- and moderate-income communities.
“We believe that access to affordable housing is an essential pillar in building a just and equitable New Jersey, and the foundation is excited to use our resources in new and innovative ways to address the needs of the community,” said Camilo Mendez, the organization’s chief financial officer. “This project is one of many ways that the Dodge Foundation will seek to preserve quality, affordable housing for residents and, at the same time, work to address the affordable housing gap in New Jersey.”
