EVERETT — The Everett Housing Authority needs more time to put together a deal to buy a 96-unit apartment complex on Casino Road.
The housing authority has proposed paying up to $8 million for Casino Lanes Apartments at 824 W. Casino Road.
It had hoped to sign a sales agreement by the end of this week, but it needs more time to negotiate with the sellers and to line up financing, said Bud Alkire, executive director of the public housing agency.
While the real estate climate in Everett is good for buyers, Alkire said recent turbulence in the credit market is affecting the housing agency’s ability to secure loans, even though it is financially strong.
Alkire on Monday told the Everett Housing Authority Board of Commissioners that he asked Casino Lanes LLC of Bellevue, the property owners, for another two weeks before releasing contingency on the purchase.
If the deal goes through, the units will replace some of the Baker Heights public housing units in north Everett.
The Housing Authority in 2005 decided to tear down 255 units at Baker Heights and sell the property to private developers.
It also chose to replace the lost units elsewhere in Everett to give low-income people more choice by scattering public housing across the city.
Reporter David Chircop: 425-339-3429 or dchircop@heraldnet.com.
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