PROVIDENCE, R.I. (AP) — Rhode Island Housing paid $1.2 million for two lots in Providence, greater than their assessed value, and the parcels have yet to be developed for subsidized housing six years after the land was purchased.
The Providence Journal reports that city records show the housing agency paid $900,000 for a 3.2-acre parcel in 2007, nearly $250,000 more than its assessed value of $653,500. The current assessed value is $454,200.
The agency bought the second parcel of one-third of an acre in 2008 for $250,000. At the time, the city had assessed it at $121,100. In 2013, the city assessed it at $85,300.
Officials said they have no regrets because affordable-housing sites are tough to find and they wanted to secure the properties for development.
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