A look at the price of an affordable housing development
The Associated Press
Mar. 22, 2015
A deal to renovate 175 homes for low-income residents in Camden totals nearly $57 million, or $324,000 per home.
Much of the funding comes from government loans to be repaid with the help of federal rent subsidies. There are also state and federal tax credits in the deal, as well as some equity from the Broadway Partners 2010, the group doing the project.
The funding includes $118,000 per home in renovations, along with a $7.6 million fee for the developer and loans designed to cover project costs and repay more than $14 million in unpaid debt on the properties.
Here is a look at how the overall price tag stacks up compared to other median housing values:
—United States: $178,500
—New Jersey: $285,500
—Philadelphia metro area: $203,500
—Camden County, New Jersey: $158,900
—City of Camden, New Jersey: $64,700
Source: Zillow Home Value Index, January 2015