Former Affordable Housing Complex in Toms River Sells for $33.75 Million

Key points

• The property sold for $33.75 million after the owner declined to renew its affordable housing status
• The complex had been operating under a 30-year affordable housing agreement that was up for renewal
• The sale may lead to redevelopment or a change in the property's residential purpose and affordability mission

FAQ

Why did the owner not renew the affordable housing designation?

The feed excerpt does not provide specific reasons for the owner's decision to decline renewal. The owner chose not to continue the 30-year affordable housing agreement, which allowed the property to be sold on the open market.

What could happen to the property now?

With the affordable housing designation no longer in place, the new owner has flexibility in how to use the property. It could potentially be redeveloped, converted to market-rate housing, or repurposed for other uses.

How does this affect Toms River's affordable housing?

The loss of this affordable housing complex removes units from the affordable housing inventory in the Toms River area, potentially impacting residents who rely on affordable options.