LAKEWOOD – Chambers Crescent, an affordable apartment complex located off Cedar Bridge Avenue, celebrated its grand opening on Monday. The 63-unit project involved the renovation of 53 units, and the construction of 10 new units.
The remodeled 2- and 3-bedroom apartments now include central heating and air conditioning, as well as washers and dryers, and new, energy efficient kitchen appliances. New flooring and cabinetry were installed, and doors, lighting, and plumbing fixtures replaced. Four units are now equipped with accessibility features.
The buildings also received new roofing and vinyl siding, as well as other repairs and landscaping. The project also included construction of a new community building.
Chambers Crescent is at the site previously known as John F. Kennedy apartments, and was financed in part with $10.8 million from the New Jersey Housing and Mortgage Finance Agency. The developer, Lawrence-based Community Investment Strategies (CIS), has also received 4 percent Low Income Housing Tax Credits, which are expected to generate $6 million in private equity. The apartments provide affordable housing for residents earning less than 60 percent of the area median income.
“We are pleased to once again work with CIS on another project to benefit working families in our state,” said NJHMFA Executive Director Anthony Marchetta. “The investment in these homes benefits the residents living there as well as the greater community.” Marchetta was joined by local officials and representatives of CIS for today’s ribbon-cutting ceremony.
Cedar Bridge Avenue is a major thoroughfare served by county public transportation with connections to major NJ Transit bus lines, and easy access to Route 9 and the Garden State Parkway. Chambers Crescent is also close to shopping, businesses, restaurants, services, area beaches, and local parks.
NJHMFA estimates that the Chambers Crescent project generated approximately $26.3 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 158 direct and indirect/induced full-time equivalent jobs, and generated over $960,000 in state and local taxes. Now complete, Chambers Crescent is expected to continue to add value to the community by providing approximately $2.9 million in ongoing economic output, about 16 direct and indirect/induced full-time equivalent jobs, and approximately $166,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
For more information on NJHMFA programs, visit www.njhousing.gov.