(Atlantic) The Atlantic City Council passed a resolution Wednesday night supporting and Affordable Housing Development proposal in Southern Heights 2nd and 3rd additions, in Atlantic. Atlantic City Council member Kathy Somers, chairperson for the Finance Committee says, Cohen-Esrey, the same company that built “Sundance Apartments,” is requesting for the city’s financial support for construction of 16, 3-bedroom, 1,200 square foot, single-family houses with a construction cost of $100,000 each, which includes the land.
“One thing we need to take into consideration is the number of studies input, stating that Atlantic could use some more public housing,” stated Somers. “So that is why we are looking at this.”
These will be rental properties for 15-years and renters can come and go, but at the end of 15-years Cohen-Esrey will sell these homes to qualified buyers.
The City Council also agrees to participate in Tax Increment Financing with the Cohen-Esrey. The city council approved a $65,692.00 rebate, which comes out to $4,050.50 per unit.
The project is along way from being official. The proposed project now goes through a lengthy process, before any ground is broken.
February 2, 2012