The event will mark the inglorious end of a project that wasdone in by mismanagement, charges of corruption and, ultimately,unlivable conditions. The short story is that HUD repossessed thebuilding from American Community Housing Associates of Chicago in1996 and in 1997 sold it to the Newark Housing Authority.
Following the pattern in this metro area and elsewhere, theNewark Housing Authority will replace the unlamented high-rise with57 townhouses. The new project is part of Newark's plans to buildmore than 750 units of housing in the city's Central Ward. The cityis receiving nearly $60 million in HUD grants to accomplishthat.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
