Community Investment Strategies Builds $31.75M Affordable Replacement Housing in Middletown

Rendering of Bayshore Village, new senior housing being built in Port Monmouth section of Middletown, NJ

MIDDLETOWN, NJ— Community Investment Strategies , a builder of award-winning over-55 and multifamily housing communities throughout New Jersey, has started work on Bayshore Village , a new affordable, age-restricted housing community for seniors 62 and older in Middletown, NJ. “We are thrilled to have construction underway for Bayshore Village ,” says Christiana Foglio , CIS founder and CEO. “Monmouth County was one of the areas that suffered the most damage during Superstorm Sandy, including the senior community that previously occupied the construction site. We are looking forward to opening a new affordable senior housing community that will be resilient against future disasters, so our residents can feel safe in their new homes.” The Bayshore Village project, expected to cost $31.75 million, is considered replacement housing for the senior community previously occupying the Port Monmouth site, which was partially destroyed by Superstorm Sandy. The new building will be built above flood elevation and will incorporate specific resiliency design elements to prevent and address potential weather- and disaster-related events including, high quality durable cement board exteriors, impact resilient windows, LED lighting, an emergency generator, bathroom and shower that are accessible during times of extended power loss, an elevator that is tied to the generator, and an energy efficient ventilation system. Funding for the community includes construction and permanent loans from the New Jersey Housing and Mortgage Finance Agency through the tax-exempt bond financing program, tax credit equity from Enterprise Community Investment through Low Income Housing Tax Credit and Community Development Block Grant Disaster Recovery (CDBG-DR) Funds. “Our motto from the beginning of this endeavor has been ‘Rebuild, Replace, and Restore,’” says Barbara Schoor , vice president. “By rebuilding this community and replacing it with a new resilient structure built to withstand future weather events, we are restoring peace of mind to residents.” When completed, Bayshore Village will be a three-story, 100,000-square-foot building comprised of 14 two-bedroom and 95 one-bedroom apartments, with an additional one-bedroom apartment for the live-in superintendent. Building amenities will include a fitness room, community room with fireplace and catering kitchen, library, computer room, wellness center, laundry facilities, key fob entry, security cameras and on-site parking. The building will be handicap accessible with multiple elevators. Apartment amenities will include patios/balconies, window blinds, high speed internet access, emergency pull cords, energy efficient appliances, dishwashers, washer/dryer hookups and central heating and air conditioning. Rent will be affordable at $755 to $889 for a one-bedroom and $905 to $1,020 for a two-bedroom apartment. Victims of Superstorm Sandy will have priority during leasing.