Ridiculous: $248,853 per an affordable housing unit?

[Cranbury Conservative]

The state Department of Community Affairs announced last week that it has funded the creation of 752 apartments and the remodeling of 120 apartments for low and moderate-income residents. As part of this project the rental apartments must be reserved for lower-income households for the next 30 to 45 years.

Regarding the funding for this project $15.1 million is from Federal Low In come Housing Tax Credits and $37.2 million is from Balanced Housing/Home Express funds.

Their will be 12 projects throughout the state in Newark, Jersey City, Paterson, Camden, Somerdale, Vine land, Deptford, Stafford Township, Salem City which are expected to take about two years to complete at a total cost exceeding $217 million.

The part that I find ridiculous is that 872 apartments, 120 of which are to be remodeled will cost a whopping $248,853 per an affordable housing unit. I would think that at $248,853 per unit we could be building as many new homes or townhouses in the these same urban areas as we are building and refurbishing apartments.

To me this sounds like more waste from our State Government.

http://cranburyconservative.blogspot.com/2008/07/ridiculous-248853-per-affordable.html