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Galloway Redevelopment Project Earns Federal Low-income Housing Tax Credits

GALLOWAY, N.J. - Sept. 20, 2017 - EntSun -- The affordable housing component of a mixed-use development planned for the White Horse Pike Corridor in the Pomona section of Galloway has been awarded Federal Low Income Housing Tax Credits (LIHTC) by the New Jersey Housing & Mortgage Finance Agency (NJHMFA).

Conceived in collaboration between Community Investment Strategies, Inc. (CIS), a leading N.J.-based developer of affordable housing and township officials, the project consists of two condominium components within the same building – a residential component and a commercial component.  The 4-story elevator building will consist of approximately 100,000 square feet of residential space for seniors 55+ and 10,000 square feet of commercial space on the ground floor.

"This project is a huge win for Galloway," said Mayor Don Purdy. "We're proud to be delivering on the priorities we've heard from the community. The property will provide hundreds of seniors with affordable homes, add much needed commercial space, and will serve as a catalyst for future, responsible mixed-use redevelopment."

The site sits within the White Horse Pike Corridor Phase II, Pomona Road, Redevelopment Area, is Smart Growth designated, and is well located in terms of access to local services and amenities, such as restaurants, transportation, shopping, recreation, healthcare and employment.  It is within walking distance to the designated location for a new NJ Transit rail station serving Galloway Township and the nearby Atlantic City International Airport.
"The Whitehorse Pike and Pomona Road corridor is a retail and commercial node for the area and is being targeted for economic development to encourage growth in industries such as high-tech and transportation technology sectors," Mayor Purdy explained.

"A mixed-use project makes sense for this site," said Christiana Foglio, CIS president and chief executive officer. "The area is historically commercial, so it provides more than just affordable homes; it creates jobs and services that neighborhoods need to thrive."

The project will be designed to integrate harmoniously with the scale and context of the surrounding buildings and typologies, while maintaining a residential character. The senior residential portion will be named Heritage Village at Galloway and will be constructed under the signature CIS senior brand the company has become known for.

Consisting of 100 apartment homes, Heritage Village at Galloway will feature a maintenance-free active-adult lifestyle that boasts contemporary design, modern layouts, along with services and activities that cater to 55+ residents.  Each apartment will be equipped with Energy Star® rated appliances, full size kitchens and baths, ample closets, luxury vinyl tile, dishwashers, central heating and air conditioning, ample closets, and intercoms.

The building will feature hotel style amenities including a well-appointed community room, fitness studio, wellness suite, library, computer center, lounges, laundry facilities, and outdoor patio space. Residents will benefit from 24-hour emergency maintenance, on-site management, key fob entry, security cameras, and on-site parking.  Residents will also have access to aging-in-place services offered by Care Strategies, an affiliate of CIS.
"The support from Mayor Purdy, town council, and the planning board has been tremendous," said Barbara K. Schoor, CIS vice president and project manager. "They put a lot of time and effort into the redevelopment process including designated the site as an Area in Need of Redevelopment, which can be a lengthy process, but vital to LIHTC developments."

"The Township of Galloway is a great example of a municipality finding creative ways to leverage federal, state, local and private resources to spur economic development," Ms. Schoor concluded.

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About Community Investment Strategies, Inc.

CIS is a fully integrated residential development, management, and construction company, specializing in high quality affordable-, multi-family- and senior-housing since 1994. A fully engaged community builder, our long-term commitment to sound investment strategies, contextual aesthetics, sustainability, and innovative engineering are legendary in the industry.

Contact
Community Investment Strategies, Inc.
Samantha Hennessey
***@cisnj.com


Source: Community Investment Strategies, Inc.

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