By The Associated Press Aptos, Calif.
— Aptos has found itself on the list of the nation’s hottest cities.
And it’s about to see some major changes to its neighborhoods, as developers try to fill a vacancy of its own in the midst of the housing market slowdown.
At least, that’s what some Apto residents are hoping.
The city is preparing to buy about 1,500 homes at $2 million to $3 million a pop, according to a person familiar with the plan who asked not to be identified because the city has not released the numbers publicly.
A city planning department spokesman, Peter Smith, said the goal is to have the apartments available in July or August.
He did not provide specifics on what the city plans to do with the apartments.
In its current condition, the apartments are not a good investment, he said.
“They are a disaster zone, but they are not worth the expense,” he said of the homes.
As of this summer, the city had about 1.4 million people living in Aptoses apartment complexes, which includes units with four bedrooms and three baths, according the latest data from the U.S. Census Bureau.
That figure does not include the more than 2.6 million residents who live in the city’s other large apartment complexes.
City leaders said the apartments would be sold under the city-run housing finance program that is designed to help homeowners buy homes in the worst of times, but that is not a priority for the city.
Instead, the developers have focused on bringing in people with good credit histories who can take advantage of the city affordable housing program.
If the city does not have affordable housing available to rent, the units would be eligible for demolition, which is a municipal act.
For years, the state of California has taken over the demolition of abandoned buildings and demolished or foreclosed on many of the buildings.
It has been the model for many other cities.
Los Angeles, for example, had about $50 million in demolition and foreclosure money available to it.
But that money was never spent because of the recession.
Now, many cities are starting to think about the possibility of putting affordable housing on the market.
In January, Los Angeles became the latest city in the U, and one of the first, to offer affordable housing to low-income residents in a city with the most vacant and under-used public housing units in the nation.
But it will be up to the city to sell the apartments, and the city will decide how to distribute the money if it does not receive the apartments in the first phase of the program.
The city has also started planning for the possibility that some of the apartments could be demolished, said Richard Schiller, who was city manager for three years before becoming the city manager this year.
But if that happens, the council would have to approve the demolition and then have the property resold.
Residents of Aaptos said they are worried that they would be left without affordable housing and that the city is trying to put out fires by selling the apartments on the open market, but he said the council is not yet making the decision to do that.
Still, some residents said they hope that the council will be careful not to make the housing too expensive.
They want to be able to buy the homes and have a place to live in and make a good income, said Mary A. Atherton, a resident of the two-bedroom apartment complex.
To do that, they will have to sell or let go the units.
We want to stay here and keep living here, Atherson said.
“We need to make sure that our future here is good.”
The current city housing affordability plan, which was put together in the 1990s, calls for paying rent to low income families, which would cost the city about $100 a month per household.
The plan says that households that make $25,000 or less a year, which are the highest income group, will pay $15,000 a year.
By the next phase, which begins in July 2019, the plan calls for payments of $60,000 to $80,000 for the most low-wage earners.