ATLANTIC CITY, NJ—Community Investment Strategies has opened two new affordable multifamily rental communities, Connecticut and Carolina Crescent, in Atlantic City.
Atlantic City's first affordable rental properties in more than and a decade, Connecticut and Carolina Crescent include 89 one- and two-bedroom rental townhouse-style apartments for income-qualified working families, as well as a shared community room and on-site maintenance offices.
Each unit includes amenities such as energy efficient appliances, heating, air conditioning and a washer and dryer in each unit. The two three-story buildings were constructed with special weather-resistant features to protect against disaster-related events.
“We are so pleased to offer quality, affordable rental options for individuals and families who may have lost their homes due to Hurricane Sandy or other factors,” says Christiana Foglio, CIS founder and CEO. “The style and design of these storm-resistant buildings blend easily into the community. The apartments are intended to not only provide a new home but provide an overall improved quality of life for the individuals and families who reside here.”
The Sandy Disaster Recovery Program helped CIS finance the project, through the $180 million Fund for Restoration of Multifamily Housing. The fund was administered by the New Jersey Housing and Mortgage Finance Agency and provided CDBG-DR funding to rebuild and rehabilitate affordable housing in areas affected by Hurricane Sandy. Hudson Housing Capital served as an equity partner and JPMorgan Chase was the construction lender.
Rent for the two- and three-bedroom apartments is between $742 and $894 depending on the size of the unit.
In the photo are, from left: Bunny Rixey, director of real estate and development, Casino Reinvestment Development Authority; Kimmel Cameron, vice president, Hudson Housing Capital; Barbara Schoor, vice president, Community Investment Strategies; Christiana Foglio, founder and CEO, Community Investment Strategies; Anthony Marchetta, executive director, NJ Housing and Mortgage Finance Agency; and Maria T. Maio-Messano, field office director, US Department of Housing & Urban Development standing in front of the new Atlantic City affordable rental community Connecticut and Carolina Crescent at the recent ribbon cutting ceremony.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
