The city is looking for a private company to purchase and manage its 12 affordable housing complexes.
Any buyer would have to agree to lease the land from the city for 65 years and keep all 850 units as affordable housing throughout the term of the lease, Mayor Peter Carlisle announced today.
The sale, subject to City Council approval, is being managed by brokerage firm CB Richard Ellis.
City officials say potential buyers will spend the next few months researching and appraising the properties and the city expects to receive the first bids by April.
“The city is committed to preserving affordable rental units,” Carlisle said.