Tue July 2, 2013
Affordable Housing Project in Salisbury Gets Help from Mayor's Office
The Salisbury City Council President Jake Day says that while there will be no promises he wants the Osprey Property Company to work with the Mayor’s office to clear the way for the $16.5 million Rivers Edge Apartments and Studios for the arts.
But first the developer must find financial support for the project which is finding it difficult to do despite a $3.2 million incentive package from state housing officials earlier this year.
Construction of condos was halted in 2008 when a dispute emerged between developer J. Michael Crosby and his lender Sandy Spring Bank.
The Salisbury Daily Times reports that the new complex will provide affordable housing for those who earn 30-to-60 percent of the area’s median income or $16-thousand to $45-thosuand a year.