Community Investment Strategies (CIS), a recognized leader in affordable housing, on Wednesday announced it secured over $15 million in funding to ensure that 86 affordable senior apartments at Heritage Village at Lambertville remain accessible for the next 30 years.
The project, located at 258 Brunswick Avenue, will involve significant renovations to the senior living community, which includes 76 one-bedroom and 11 two-bedroom apartments. Planned improvements include major upgrades to HVAC systems, life safety features, unit interiors, and common areas. Construction is set to begin in early spring.
Funding for the preservation and renovation of Heritage Village was made possible through several key partnerships. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) awarded 9% tax credits for the project, a crucial part of the financing. Additional support was provided by the New Jersey Department of Community Affairs, TD Bank, and Redstone Equity Partners. The City of Lambertville also contributed by extending its PILOT (Payment in Lieu of Taxes) agreement.
