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March 24, 2015

Hefty price tag for ‘affordable' units in N.J.

By GEOFF MULVIHILL and JEFF HORWITZ
Associated Press

CAMDEN, N.J. — State tax incentives to boost New Jersey's poorest city are being heralded as a major piece of a turnaround plan after decades of economic despair, corruption and crime. But after a string of revitalization efforts with dubious results, Camden is staking part of its future on a company that failed to deliver on past promises.

Roizman Development, Inc., a Pennsylvania firm headed by a big-time political donor, is receiving millions from two New Jersey agencies to renovate low-income housing it has owned for decades despite owing more than $6 million on a previous unpaid state government loan. The firm also backed out of a pledge to sell other homes he owns in Camden to tenants for $1.


 
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