EGG HARBOR CITY, NJ-A developer looking to build 100 units oflow income senior housing at a former middleschool here may get the two-acre parcel for just $1.
Rittenberg Urban Renewal Associates LLCoriginally agreed back in 2011 to pay $800,000 to purchase theformer Fanny D. Rittenberg Middle School, but instead could pay $1in order to have a better chance of qualifying for federalLow Income Housing Tax Credits through theNew Jersey Housing and Mortgage Finance Agency,according to the Press of Atlantic City. The developer has appliedtwice for the credits for the $17-million project, but has not beenawarded the tax credits to date.
The City Council could vote on the amended purchase price aftera public hearing on the matter on May 23. See story in thePress of Atlantic City.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
