Affordable for whom?

From the Pacific Daily News:

Behind the rubble of a recently demolished commercial building in Tamuning, officials yesterday marked the beginning of a $28 million project to develop affordable rental housing units.

Called Summer Green Residences, the project began as Tower 70, and initially was planned to have 70 units rising in a formerly flood-prone neighborhood near Pacific Towers off Marine Corps Drive.

With an anticipated completion date of July 2014, the project is expected to offer mostly three-bedroom, two-bath and two-bedroom, two-bath units with amenities such as dishwashers and washers and dryers.

Summer Green Residences is one of many public-private sector partnerships that are encouraging affordable housing developments on Guam, with close to 1,000 affordable homes now in the pipeline, [Michael] Duenas [Executive Director of the Guam Housing and Urban Renewal Authority] said.

The project was expanded to 72 apartments, according to the PDN. At $28 million, that comes out to $388k per unit; for flood-prone three-bedroom affordable rental housing units surrounded by the rubble of demolished buildings.

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