NEW JERSEY—Whitney Crescent, an affordable multifamily community in Glassboro, has completed its total overhaul, which had been ongoing for nearly two years. The townhome-style community is now 100 percent occupied.
Comprised of 80 units, Community Investment Strategies Inc. (CIS) purchased the property in late 2010 and launched a comprehensive repositioning initiative.
During the redevelopment, nine buildings were demolished in phases to rebuild the 9.5-acre site. During the demolition and construction, CIS affiliate CIS Management Inc. temporarily relocated residents. The first 40 units were completed in the spring, 2011, followed by two three-story buildings consisting of 20 units finalized in the fall and 20 additional units completed by early 2012.
Each of the units in the affordable housing community includes hardwood floors, washers and dryers and dishwashers. Residents can access 24-hour emergency maintenance services and on-site property management.
Funding for the revitalization initiative was provided by the New Jersey Housing and Mortgage Finance Agency’s Special Needs Trust Fund, Federal Tax Credit Assistance Program (TCAP), Low-Income Housing Tax Credit Equity from Boston Capital, JP Morgan Chase, Gloucester County HOME, Glassboro Affordable Housing Trust Funds and Federal Home Loan Bank of New York.
The new community now satisfies the borough’s Council on Affordable Housing (COAH) credits.