Boston Capital Supplies Capital for Affordable Housing Development
- Sep 07, 2010
Jackson, N.J.–Boston Capital invested in the construction of Windsor Crescent, a to-be-built, 112-unit multifamily development located in Jackson, N.J. The general partner is Community Investment Strategies Inc. (CIS).
Windsor Crescent was partially funded through the Tax Credit Assistance Program (TCAP), an initiative to assist in the production of affordable housing which was part of the American Recovery and Reinvestment Act (ARRA).
“Energy-efficient appliances and generous units sizes will contribute favorably to Windsor Crescent’s competitive position in the affordable housing marketplace,” says Jack Manning, president and CEO of Boston Capital. “Through our long-term partnership with Community Investment Strategies, this investment will meet the ongoing demand for high-quality multifamily housing in an area experiencing strong population growth.”
Windsor Crescent will include 112 units in 14 three-story buildings. The development will feature 56 two-bedroom, one-bath garden-style units, 22 two-bedroom, two-bath townhouse-style units and 34 three-bedroom, two-bath townhouse-style units. All units will include washers and dryers, dishwashers, central air and walk-in closets.
The development will feature a 1,750 square foot community building offering a management and leasing office, a maintenance and storage room and a community room with a catering kitchen. Amenities will also include a playground and an education center. All units and appliances will be New Jersey Energy Star certified, offering utility cost savings to tenants due to energy-efficient construction. Units will be available to residents at 60 percent or less of the Area Median Income (AMI).
Windsor Crescent will be located in Ocean County, the fastest growing county in New Jersey. The 20-acre site will be located within close proximity to amenities such as shopping, public transportation, education and community services.