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A controversial developer is in line to received tax
credits from New Jersey for a Camden housing project despite owing the state a
reported $6 million in an unpaid loan.
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A Plymouth Meeting, Pa., residential development company
is in line to get millions of dollars from New Jersey to make improvements to
low-income housing it has owned in Camden, even though it owes the state $6
million in an unpaid loan, according to a report by the Associated Press.
Roizman Development Inc. has been involved in low-income
housing in Camden for decades and is set to receive $57 million under New
Jersey’s Economic Opportunity Act to renovate 175 houses in the city, the
report said. That amount equates to spending $324,000 on each property.
Israel Roizman, president of the company, is receiving a
developer’s fee of $7.6 million as part of the arrangement. “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,” the report said.
New Jersey’s Economic Development Authority defended its
arrangement with Roizman and said this work will help bring contemporary
housing to an area that needs it.
Timothy Lizura, chief operating officer and president of
the EDA, told the Associated Press the agency did not have any issues with
Roizman.
“When you’re redeveloping an area,” Lizura said, “you
need to have modern housing stock that is available and suitable to all income
levels.”
Source: Philadelphia
Business Journal
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