Community Investment Strategies Held Ribbon Cutting for Grand Reopening of Ocean Township Affordable Senior Housing Community

Community Investment Strategies (CIS) held a ribbon cutting ceremony to unveil the new renovations and official rebranding of Heritage Village at Ocean, previously known as Whalepond Village – a 96-apartment, affordable senior housing community in Ocean Township, Monmouth County that serves seniors on a fixed income.

Constructed in the early 1990s, CIS recently acquired the community of one-bedroom homes and extended the deed restriction to preserve the affordability for 30 years, enabling the rent to stay low. CIS secured an allocation of 4 percent low-income housing tax credits and had a number of financial partners including Freddie Mac, the New Jersey Housing and Mortgage Finance Agency, Prudential, New Jersey Department of Community Affairs, Township of Ocean, and the County of Monmouth.

“We are pleased to reintroduce Heritage Village at Ocean as a high-quality, affordable rental option for seniors,” said Christiana Foglio, CIS founder and CEO. “Ocean Township was hit hard during Hurricane Sandy, so restoring and renovating these apartments and extending its affordability control was incredibly important for the community.”

Mayor Christopher P. Siciliano said, “It has been a pleasure to work with CIS to preserve the Heritage Village at Ocean community. Keeping the property affordable for the next 30 years will allow the seniors to remain in their homes.

Extensive exterior renovations include replacement of roofs, new siding, shutters, and resiliency features such as the installation of gas-powered backup generators to service common areas and elevators. Common areas were upgraded with new lighting, secure entry systems, security cameras, paint, and flooring. Apartments were updated with new kitchen counters, energy efficient appliances, kitchen and bathroom flooring, and new vanities. The site was enhanced with extensive landscaping and a new community sign was installed at the building’s main entrance.

The clubhouse was completely refurbished and refurnished with all new flooring, siding, entry doors, and updated kitchen and bathrooms, making it a modern, comfortable place to gather.

Rent is approximately $890 for residents at or below 60 percent median income. For leasing information, please call 732-493-3833.

PHOTO CAPTION: Representatives of Community Investment Strategies, local officials, and community residents at the ribbon cutting for Heritage Village at Ocean in Ocean Township, Monmouth County.

About CIS
Since 1994, Community Investment Strategies has been a leading developer of multifamily housing, including 55-plus, senior housing and mixed-use redevelopments, as well as market-rate and affordable housing. The company’s diverse portfolio includes more than 3,000 apartment rental units. CIS has been recognized for its award-winning communities, corporate citizenship and advocacy, as well as its people-first philosophy. A woman-owned business enterprise, the firm is committed to promoting gender and ethnic diversity throughout its own organization as well as the communities in which its projects are located. For more information, visit www.communityinvestmentstrategies.com.