The federal Low-Income Housing Tax Credits were awarded for the project through the state Housing and Mortgage Finance Agency.

The $5 million was funneled through the Community Development Block Grant Disaster Recovery Action Plan.

Heritage Village will rise at the corner of Franklin Street and Municipal Plaza. Its 82 affordable units for Bloomfield residents, 55 years of age and older, will be energy-efficient and handicapped-accessible.

It will include 74 one-bedroom units and eight two-bedroom apartments, as well as an 1,800-square-foot community center. The village will have on-site property management, including 24-hour emergency maintenance service provided by CIS' affiliate, CIS Management CIS plans to incorporate various social services into the community to assist seniors.

The project was conceived in collaboration with township officials for the downtown redevelopment zone.

“The Heritage Village at Bloomfield project is a shining example of government agencies and the private sector working together to replenish the supply of affordable rental units lost as a result of storm damage from Superstorm Sandy,” said state Department of Community Affairs commissioner Richard E. Constable, III.

“The project will help ensure that all Sandy-impacted households, including those of limited financial means, can return to live in their home communities,” said Constable.

Only 25 of the 51 New Jersey projects vying for tax credits were given the awards, which are a staple of affordable housing development. About 90% of all affordable housing development in the country today involves the funding mechanism.

The Disaster Recovery funds were issued to CIS under the $179.52 million Fund for Restoration of Multifamily Housing administered by the HMFA. It provides block grant funding to build and rehabilitate affordable housing located in areas affected by Superstorm Sandy.

CIS specializes in multi-family housing, senior housing and mixed-use redevelopments as well as market-rate and affordable housing.