Developers of a $17 million project announced today that 74 new homes will be habitable within 18 months in Atlantic City.
Representatives from Conifer Development spoke about the forthcoming complex at a meeting with prospective local contractors for the job at the Shore Park Community Room in the city’s Uptown section.
That room will be expanded to include a gym and computer center for residents of the new development and the existing Shore Park High Rise building nearby, said Charles Lewis, Conifer’s vice-president.
Delaware, Virginia, Baltic and Mediterranean avenues encompass the project area. The properties there are empty aside from the community building and high rise at Mediterranean and Virginia avenues, both of which will remain.
Rents will be market-rate for 36 of the townhouses and duplexes, and subsidized for the rest of them, Lewis said.
Lewis, his colleagues and Atlantic City Housing Authority officials organized the session to inform local businesses about opportunities to secure work on the project through Section 3. That refers to the laws applying to development projects that get at least $200,000 from the federal Department of Housing and Urban Development.
Those rules require at least 10 percent of project spending is on contracts with companies where at least a third of workers are considered low-income. That means their household income is no more than 80 percent of the regional median.
In Atlantic County, that threshold is $40,400 for a single person, or $57,700 for a family of four, according to 2012 HUD guidelines.