“Our experience in the affordable-housing industry enabled us to think outside the box and come up with this unique solution to make the project possible,” says Foglio. “This sorely needed renovation would not be feasible without the ERG tax credits.”

Mary Jo Grauso, executive director of the Lakewood Housing Authority, praised CIS for obtaining the ERG tax credits and other financing assistance. “HUD tells housing authorities we must be entrepreneurs and innovators, because federal funding isn't there like it used to be,” says Grauso. “CIS has the experience and the initiative to get other financing. Without that, we couldn't make this project work.”

CIS was expecting to receive approval for bond financing and Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency at its November 21 board meeting.

The Lakewood Housing Authority, which owns the complex, selected CIS to partner on the rehabilitation of JFK, to be renamed Chambers Crescent. Construction is expected to begin in the spring, with completion slated for late 2015. The renovation is projected to create about 43 temporary construction jobs and three full-time, permanent positions at the complex.

The project is especially essential due to the loss of affordable housing in Ocean County after Hurricane Sandy, says Foglio.

“We'll be doing a complete revitalization of the community,” she says. Ten existing buildings will be fully rehabilitated; the other two will be torn down and replaced with new, modern buildings, according to Jeffrey Oakman, CIS's director of project development.

“CIS has been very responsive and easy to work with. They care about what happens to the tenants,” says LHA's Grauso. “This will afford people the opportunity to live like they should, in decent, sanitary housing.”