PROVINCETOWN – Officials from Provincetown are in Boston today as the town bids on a housing complex they hope to turn in to affordable workforce housing.
The 26-unit Harbor Hill complex is up for auction in bankruptcy court after going into bankruptcy last summer. Provincetown is one of three bidders for the property, which has been assessed at $6.8 million.
At a special town meeting and election earlier this month, Provincetown voters approved borrowing $10.7 to bid for the complex. At $8.1 million, Provincetown was the top bidder in the sealed bid process of the bankruptcy proceedings, making them eligible for today’s final auction.
If successful, the town plans to use the rental income to pay back the money borrowed to buy the property.
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