LAKEWOOD, NJ—Community Investment Strategies, Inc., an award-winning affordable housing developer, is one step closer to assisting Lakewood in the redevelopment of its former public housing project known as JFK Apartments, an aging apartment complex, with the awarding of $4 million in state tax credits.
CIS has received approval from the New Jersey Economic Development Authority (NJEDA) for the tax credits through the state's Economic Redevelopment and Growth program (ERG). The credits will enable CIS to revitalize the JFK Apartments, a 63-unit public-housing development at Cedarbridge Avenue and South Clover Street.
The $16.3 million project is getting help from a pilot program of the U.S. Department of Housing and Urban Development (HUD). The pilot – called the Rental Assistance Demonstration (RAD) program – allows new forms of financial support for struggling public housing projects.
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