According to the Atlantic City Press article “More affordable housing Sandy relief on way”:
“In the wake of Hurricane Sandy, the federal government put together a disaster relief program that included about $600 million for increasing multi-family housing in areas of New Jersey hit by Sandy…
“One is Tennessee Green, an $18 million, 66-unit innovative U-shaped building that will be LED-certified for environmental sustainability on Tennessee Avenue in Atlantic City, between Drexel and Adriatic, he said. That’s about $272,000 per unit.”
The best upscale apartment complex in the area is valued at around $80,000 per apartment. The government is paying $272,000 to build low cost housing under its special program, with at least half of the cost going to red tape and special interests.
It should offer to pay $120,000 a unit for new apartment units and developers will line up at the government’s door.
