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Newark to sell city parcel at deep discount for 100% affordable housing project, council seeks appraisal and buyer details
Summary
City officials discussed an ordinance to sell a long-held city parcel to a developer for a 100% affordable housing project that the administration says will be priced at roughly half assessed value; the council pressed for an updated appraisal and clearer information on project financing, including an $8 million federal allocation dedicated to local affordable housing.
Council members debated an ordinance authorizing the sale and transfer of city-owned property to a private developer who proposes a 100% affordable-housing project with ground-floor condominiums.
Allison Ladd, director of economic and housing development, told the council the city had regained the site after litigation six years ago and did not secure an updated appraisal before this proposed sale. "The reason for the discounted price is because of the affordable housing that will be in the site. It is going to be a 100% affordable, and...there'll also be condominiums that will be built there," Ladd said. She said the project’s total cost is about $24,000,000 and that the city is selling the parcel at about 50% of assessed value to support…
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