Developer seeks city funds for Riverview Towers redevelopment project

FALL RIVER – Weston Associates of Boston, prospective buyer of Riverview Towers on Milliken Boulevard, is requesting $1.6 million in funding from the city’s Community Development Block Grant’s Home program for a redevelopment project that would have 176 of the 200 units as low-income to affordable housing.

After meeting with Weston representatives, Mayor Jasiel Correia II said he needs to see a better plan, The Herald News reported Dec. 31.

Correia said the funding “handcuffs” potential future projects, adding the proposal doesn’t reflect the city’s new housing policy.

The building could be sold on the open market if the deal falls through. The buyer would be required to limit rent increases to 3 percent a year for three years, after which the building would be converted to market-rate units, according to state regulations.

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Riverview Towers was built 40 years ago with an agreement that most units be available to low-income residents. That agreement expires in March.