Allen Iverson knows what it’s like to have everything. An MVP title, millions in earnings, and a place among the NBA’s greatest. He also knows what it’s like to lose it all. A decade ago, foreclosure took his Georgia mansion. Now, he’s back in the fight. Not for himself, but for families in Newport News. It’s no surprise Iverson is backing multi-family development.
However, it failed to pass the Newport News City Council by a 4-3 vote in February. The plan aims to build 120 luxury affordable apartments in the Denbigh neighborhood. Hope remains for affordable housing, as the city council plans to reconsider the proposal.
According to 13 News Now, the Newport News City Council decided in its March 11 meeting to take another look at the rezoning request it had previously rejected. When the council last discussed this proposal on February 25, they reached a split decision. It kept the land at 628 and 634 Old Fort Eustis Blvd. zoned for single-family homes. If approved, the rezoning would transform the 6.3-acre parcel into medium-density multi-family housing.
If approved, the shift would allow developers to construct four buildings with 120 apartments.
Right now, one of the properties holds an abandoned house, while the other has yet to be developed. Higher-density housing has long been a part of this area’s history according to city planners. Therefore, meaning the proposed rezoning aligns with the city’s long-term vision.
As a Hampton native, Allen Iverson is deeply involved in this project. Now that the proposal is heading back to the Planning Commission before another City Council vote, he’s got another shot at seeing it through.
Apr 12, 2024; Camden, NJ, USA; Philadelphia 76ers great Allen Iverson speaks at the podium during the unveiling of a statue honoring him in a ceremony at Penn Medicine Philadelphia 76ers Training Complex. Mandatory Credit: Bill Streicher-USA TODAY Sports
WTKR reported that Allen Iverson’s mother and local residents have already discussed the logistics of the project, proving this isn’t just a business move for him—it’s personal. For someone who once lost his own home, it’s only fitting that he’s pushing for others to have a place to call their own.
Allen Iverson lost his home in Georgia to foreclosure
AI’s financial troubles have been a hot topic for years, with reports painting a grim picture. Unfortunately, the development reported in 2013 only added to the story.
Iverson lost his Atlanta mansion to foreclosure after defaulting on a $1.2 million mortgage, according to TMZ (via SLAM). The $4.5 million home went up for auction, and while Iverson fought to keep it, he couldn’t stop the sale. In the end, his bank purchased the property for $2.5 million.
What makes this even more frustrating? Around this time, Iverson was chasing an NBA comeback but turned down a shot through the D-League. So he knows what it could feel like when you are battling for a basic need like home amid your lowest point.
Housing insecurity is more than just a debate, it’s a crisis. In Virginia, home prices have surged over 24.71% in the last decade according to FortuneBuilders, leaving thousands struggling to afford a place to live.
The Newport News City Council has a second chance to make a difference. With Iverson backing the project, all eyes are on the city’s decision. Will they rewrite history or repeat past mistakes?
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