Home Atl Hub Atl Hub News Tinton Falls will release affordability controls on 17 housing units

Tinton Falls will release affordability controls on 17 housing units

TINTON FALLS – After meeting their obligation as it relates to the provision of affordable housing in the community, officials in Tinton Falls are planning to release an affordable housing requirement at one local residential development.

During a meeting on April 19, members of the Borough Council introduced an ordinance that will, if adopted, release the affordability controls that have been attached to affordable housing units at Tinton Pines, Diane Drive.

A public hearing on the proposed ordinance is scheduled for May 3. The governing body may adopt the ordinance that evening.

Affordable housing is defined as housing that is sold or rented at below market rates to individuals and families whose income meets certain guidelines.

Tinton Falls, like other municipalities in New Jersey, is required to provide opportunities for the development of affordable housing within its borders.

As stated in the ordinance, Tinton Falls met its constitutional obligation to provide affordable housing from 1987 to 2025.

The Tinton Pines condominium development was approved by borough officials in 1988. According to the ordinance, the development has 122 housing units and municipal officials required 17 of the 122 units to be designated as affordable housing.

The ordinance states that 34 affordable housing credits, including rental bonus credits, were ultimately received through the development of Tinton Pines.

Borough Attorney Kevin Starkey explained that the developer of Tinton Pines was required to maintain the 17 designated units as affordable housing for 20 years. That requirement expired in 2008, however, the developer maintained the 17 affordable housing units for an additional decade.

Starkey said the developer is now renting the 17 previously designated affordable housing units at market rates, which is permitted because the affordability controls have already expired.

According to Starkey, all 17 units are currently rented at market rate, vacant or have been sold to a third party.

The developer is now officially asking borough officials to release Tinton Pines from the affordability controls. Starkey said the ordinance that has been introduced will acknowledge that the development no longer needs to maintain affordable housing units.

“There will not be any tenants in those units who will be adversely affected by this (action) because of the passage of time,” the attorney said.

The proposed ordinance states that “since the borough has received 34 affordable housing credits, including rental bonus credits from the Tinton Pines development and the Tinton Pines owner continued those affordability controls for a period of at least 10 years beyond what was required, the Borough Council believes it is fair, just and in the best interest of the borough to formally release the affordability controls on the Tinton Pines affordable housing units.”

Exit mobile version