
Community Investment Strategies (CIS) moved a step closer to building the first affordable senior housing community in Hoboken, New Jersey, in more than 30 years.
The development firm recently received unanimous approval from the Hoboken Zoning Board of Adjustment to develop 36 deed-restricted housing units in the city.
The Willow is a 55-plus senior affordable community designed by East Orange, New Jersey–based Architects KNTM. The six-story building will include three studio, 28 one-, and five two-bedroom units. Additionally, there will be a ground-floor activity room for seniors to enjoy social and recreational activities.
“We have worked closely with the mayor and city council to provide a project that will help keep seniors in the community. It took four years to structure a financial program, which will utilize a variety of programs, including participation from the state and county. We appreciate the support of all our government partners to make this project feasible,” said Christiana Foglio, CEO of CIS.
Funding for the project includes $5.4 million from the New Jersey Department of Community Affairs’ municipal-sponsored production fund, a $1.4 million mortgage from the New Jersey Housing and Mortgage Finance Agency, over $7.7 million in low-income housing tax credits, $2 million from the Hudson County HOME program, and $500,000 from the city of Hoboken's Affordable Housing Trust Fund.
The site used to be occupied by a building that was destroyed by a fire in the 1970s. The property later became a city-owned parking lot.
CIS is an award-winning woman-owned development firm specializing in affordable communities throughout New Jersey. The company’s portfolio includes more than 4,000 units throughout the state.