Press Release

MILLVILLE -- The Millville Housing Authority will wait a year before deciding whether to move ahead with plans to create 17 below-market homes for sale in the city.

The authority began preparing the project in 2006 at the height of the national housing boom.

But in the wake of the real estate market's tumble, the authority is concerned newer, larger homes would be available at the same price as homes it's pitching.

"We definitely have concerns about selling these homes in light of the housing market," said Ivy Evans, chief operating officer of the MHA's nonprofit arm, Holly City Development Corp. "We are trying to figure out what's the best way to proceed."

MHA Executive Director Paul Dice said the authority has decided to wait for a year and follow the market before making a decision. If the authority doesn't think it will be able to sell the homes, it will not move forward, he said.

"Our administration is based on financial prudence. Long-term financial security is No. 1," Dice said. "We do not want to go down the path and have someone need to bail the program out."

In 2008, the state CHOICE program, which provides houses for people in blighted neighborhoods at a reduced price, approved $4 million for Holly City Development Corp. to construct eight new homes and renovate nine others. All the properties were to be sold at below-market rates.

The homes were to be constructed at eight locations in the 3rd Ward and Center City, according to Evans. Five of the properties were acquired through a $300,000 loan the city provided the development corporation, she said.

If the organization decides not to pursue the project, the state would not allocate the money and the organization would sell the lots and return the money to the city, Dice said.
"The city is our partner, and we will move in tandem," he said.

Additional Facts
AT A GLANCE
Holly City Development Corp. is considering whether to build or renovate a total of 17 below-market homes at these sites:
·  533 Columbia Ave.
·  220 N. 4th St.
·  311 W. Powell St.
·  821 Archer St.
·  129 Depot St.
·  409 Leonard Drive
·  304 and 306 E. Broad St.
·  202 and 204 E. Broad St.