Bayshore Village Get Federally Backed Funding For Redevelopment

Middletown Public Information;
May 26, 2015

Middletown Senior Community Ravaged by Sandy Receives Federally Backed Funding for Redevelopment

Lawrenceville-based Community Investment Strategies (CIS) was recently awarded funding from the Board of the New Jersey Housing and Mortgage Finance Agency (HMFA) as part of its $180 million in federal Sandy recovery funds. CIS was awarded with the largest grant in Monmouth County and the second largest on a per-unit basis overall for its Bayshore Village community in Middletown – a proposed 110-apartment community for seniors.

HMFA awards were granted to support the creation of 1,500 housing units in the nine New Jersey counties designated as the most impacted by Superstorm Sandy. According to HMFA, funding is made possible with federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program, which was created following Superstorm Sandy to provide qualified housing developers with subsidies to finance affordable housing.

Before Supertstorm Sandy, Bayshore Village, owned by Middletown Senior Citizens Housing Corp., consisted of 96 one-bedroom apartments in 12 buildings. Located in one of the hardest hit areas in the region affected by Superstorm Sandy, five buildings were rendered a total loss by the storm. CIS is redeveloping the community in collaboration with the Middletown Senior Housing Corporation to rebuild 110 one- and two-bedroom senior housing units to address area market demands.

“Bayshore Village is the only low-income community in Monmouth County impacted by Sandy to such a large extent,” said Christiana Foglio, founder and CEO, CIS. “Our goal is to help rehouse seniors who lost their homes and give them a chance to thrive in a state-of-the-art, thoughtfully designed, energy-efficient community that offers all the modern amenities while being a safe and comfortable place to call home.”

According to project manager Barbara Schoor, vice president of CIS, the extent of the damage to Bayshore Village, particularly its location within the flood plain, contributed to receiving such a significant HMFA award – and served as the foundation of CIS’ redevelopment plans for the property.

“We will rebuild Bayshore Village several feet above flood elevation regulations,” said Schoor. “We also plan to incorporate various resiliency features into the design – something CIS has been at the forefront of since our involvement in the Enterprise Community Partners’ program aimed at recovering, rebuilding and reforming the way builders plan post-Sandy.”

“Superstorm Sandy devastated Bayshore Village, leaving seniors with limited incomes in great need of affordable housing,” said Middletown Mayor Stephanie C. Murray. “We’re looking forward to having Bayshore Village restored so that it can continue to be one of many housing opportunities available in Middletown Township.”

PRC Management Group is currently managing the property as it exists and, according to Schoor, will work with residents currently living there to assist them with the relocation process prior to construction, which is expected to begin in late summer.