ELIZABETH, NJ-With City of Elizabeth Mayor J. Christian Bollwage in attendance, Waters Edge Crescent, a 71-unit affordable rental community located on Magnolia Avenue held a ribbon-cutting ceremony to celebrate a successful conversion of for-sale homes to rentals.
Community Investment Strategies (CIS), Inc., the developer and property manager, originally planned to turn the former Migliore Manor site into 48 townhouses. With the housing crisis in 2008, the complex was changed into a 71-unit tax credit rental community using the completed site work, utility installations and foundations with the work of contractor R. Stone & Co. and the help of the Housing Authority of the City of Elizabeth (HACE).
"Offering affordable and market-rate housing options for families, Waters Edge Crescent is meeting the diverse needs of our city," said Mayor Bollwage. "Achieved through public, private and community partnerships, this exciting transformation contributes to the beautification of our municipal landscape and creates increased opportunities for our residents."
The $21.5 million Waters Edge Crescent includes 9 one-bedroom, 23 two-bedroom and 38 three-bedroom units, of which three are stand-alone units. Each is Energy Star-rated. Rents range from $625 to $1,070, based on unit size and tenant income range. Eleven units are designated for public housing residents who pay 30% of their income toward rent, and one unit is reserved for a live-in superintendent.
"This transition was a great success, thanks to the efforts of the development team, Mayor Bollwage and members of the Housing Authority," said Christiana Foglio, founder/owner and CEO of CIS. "These units are exceptional because of their high-quality amenities and finishes, which are not typically incorporated into a rental community."
Financing for Waters Edge Crescent totaled $13,683,770 in tax credit equity; $2,552,535 in Tax Credit Assistance funds from the New Jersey Housing and Mortgage Finance Agency (NJHMFA); $2.3 million in Replacement Housing Funds from HACE; and $607,905 from Elizabeth Development Co.'s Urban Enterprise Zone Program. CapitalOne Bank provided construction loan financing, and NJHMFA is providing a 30-year permanent loan of $1,910,276.
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