Comprising 91 age- and income-restricted apartment homes, Cornerstone at Seaside Heights has revitalized a community hard-hit by Hurricane Sandy while meeting the area’s demand for high-quality, affordable, senior housing. The newly-built property not only replaced run-down buildings but it is the first barrier island property to be funded partially through federal Hurricane Sandy Relief financing. Seaside Senior Apartments is restricted to residents earning up to 60% of the area median income (AMI) and includes 82 one-bedroom units and nine two-bedroom units in one four-story residential building. Seaside Senior offers social services for residents including an individualized habilitation plan or essential lifestyle plan.

R4 Capital provided the 4% tax credit equity financing.