(Atlantic) Shift ATL held up their end of the bargain and reimbursed the City Council the $65,000 to be deposited back into the Non-profit Housing Fund.
The group purchased and renovated the home at 608 Hazel Street and utilized the Non-Profit Housing Rehabilitation Revolving Loan Fund. The City Council made a $65,000 appropriation and partnered with SHiFT ATL on its first housing rehabilitation project at this site.
At Wednesday night’s Atlantic City Council meeting, Alexis Fleener of SHIFT ATL presented the $65,000 check to Atlantic Mayor Dave Jones.
Fleener explained SHIFT ATL purchased the house for $63,000, borrowed $65,000, and sold the house for $154,000, providing the City with about two-and-a-half times the original property taxes. The actual property tax bill on this property was about $1,132.00, and she estimated the tax bill would increase to about $2,800.
Fleener said when it’s all said and done, including the loan payoff, SHIFT ATL profited $33,000, which will go towards the next project, which is not on the books just yet.
SHIFT ATL is a 501 (c)3 non-profit organization with a mission to get more community-minded people into the economic development of Atlantic.
