Community Investment Strategies joined the New Jersey Housing and Mortgage Finance Agency to mark the opening of North Brunswick Crescent Apartments, a 184-unit rental complex for families earning up to 60 percent of the area median income. — Courtesy: HMFA
By Joshua Burd
Community Investment Strategies has completed its rehabilitation of a North Brunswick apartment complex, delivering 184 new units that will serve as affordable housing.
The developer joined the New Jersey Housing and Mortgage Finance Agency this week to mark the opening of North Brunswick Crescent Apartments, which sits off Route 27 and How Lane. Formerly known as Oak Leaf Village Apartments, the property has undergone a $31.8 million redevelopment that included building two-story additions to eight of its 16 buildings and the construction of a new 2,000-square-foot clubhouse.
The 16 original two-story buildings were built in the early 1970s, HMFA said. The complex now includes one- and two-bedroom apartments for families earning up to 60 percent of the area median income, with six apartments reserved for homeless individuals and families and veterans.
“North Brunswick Crescent Apartments will provide updated, quality homes that are affordable for working families and are close to jobs and transportation,” said Charles A. Richman, the HFMA’s executive director. “These renovations will significantly improve the quality of life for residents, and also provide supportive housing for residents with special needs.”
CIS’ plans called for substantial rehabilitating all 16 buildings with new roofs, new exteriors and interiors, new windows, doors and insulation and upgraded electrical and plumbing systems. The Lawrenceville-based firm also installed new fixtures and appliances, added central heating, air-conditioning and individual hot water heaters and restored hardwood floors.
HMFA provided the project with $15.3 million in financing from its conduit bond program and awarded 4 percent Low Income Housing Tax Credits, which generated an additional $9 million in private equity, according to a news release. The project also received $1.2 million from the Federal Home Loan Bank, while the township of North Brunswick provided $5.25 million from its Affordable Housing Trust Fund.
Existing tenants were offered permanent relocation and moving cost assistance to move to a new apartment outside the complex or were moved internally to a vacant apartment, HMFA said. Several who relocated outside the complex moved back once the new units were completed.
With the project complete, rents for one-bedroom apartments range from $508 to $1,241, depending on household size and income levels up to $56,820, the news release said. Two-bedroom rents range from $607 to $1,485, depending on household size and income levels up to $70,480.
Catholic Charities will provide social services for the residents with special