LAKEWOOD, NJ—Community InvestmentStrategies, Inc., an award-winning affordable housingdeveloper, is one step closer to assisting Lakewood in theredevelopment of its former public housing project known asJFK Apartments, an aging apartment complex, withthe awarding of $4 million in state tax credits.
CIS has received approval from the NewJersey Economic Development Authority (NJEDA) for the taxcredits through the state's Economic Redevelopment and Growthprogram (ERG). The credits will enable CIS torevitalize the JFK Apartments, a 63-unitpublic-housing development at Cedarbridge Avenue and SouthClover Street.
The $16.3 million project is getting help from a pilot programof the U.S. Department of Housing and Urban Development (HUD). Thepilot – called the Rental Assistance Demonstration (RAD) program –allows new forms of financial support for struggling public housingprojects.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.