DEVELOPER RECEIVES $12.7M OF EQUITY FOR 82-UNIT COMMUNITY

BLOOMFIELD, N.J — The New Jersey Housing and Mortgage Finance Agency has awarded Federal Low-Income Housing Tax Credits to Community Investment Strategies Inc. for an 82-unit affordable housing project in metro Newark. The tax credit will result in about $12.7 million of equity for the Heritage Village at Bloomfield development. The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan Sandy Disaster Recovery Program. Located on the corner of Franklin Street and Municipal Plaza in Bloomfield, Heritage Village at Bloomfield will feature energy-efficient and handicapped-accessible units for residents 55 years of age and older. The community will include 74 one-bedroom and eight two-bedroom apartments, as well as a 1,800-square-foot community center. Construction of the development is slated to begin next spring.