EGG HARBOR CITY, NJ-A developer looking to build 100 units of low income senior housing at a former middle school here may get the two-acre parcel for just $1.
Rittenberg Urban Renewal Associates LLC originally agreed back in 2011 to pay $800,000 to purchase the former Fanny D. Rittenberg Middle School, but instead could pay $1 in order to have a better chance of qualifying for federal Low Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency, according to the Press of Atlantic City. The developer has applied twice for the credits for the $17-million project, but has not been awarded the tax credits to date.
The City Council could vote on the amended purchase price after a public hearing on the matter on May 23. See story in the Press of Atlantic City.
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