Hoboken council extends pilot agreement for affordable housing at Clock Towers for one year

Hoboken City Council has taken significant steps to address pressing community concerns during its meeting on March 19, 2025. The council approved a one-year extension of the Payment in Lieu of Taxes (PILOT) agreement for the Clock Towers, a move aimed at protecting affordable housing for residents. This decision comes in response to concerns about potential rent increases that could exceed $200 per month if the agreement were to expire.

Council members engaged in a robust discussion about the implications of the PILOT agreement, emphasizing the need for more time to address outstanding questions and ensure that residents are informed about the potential impacts. The urgency of the situation was underscored by Tony Capano, who highlighted that a 90-day extension would not provide sufficient time to negotiate the complexities of the agreement, potentially leading to a tax appeal that could disrupt housing stability for many.

In addition to the PILOT discussion, the council addressed logistical challenges related to the upcoming closure of Jersey Avenue for roadwork in April. This closure is expected to cause significant traffic disruptions, prompting the council to prepare residents for the upcoming changes.

The meeting also included discussions on various ordinances, including amendments to parking regulations for persons with disabilities and mandatory disclosures for rent increases over 10%. These measures aim to enhance community accessibility and transparency in housing matters.

As Hoboken moves forward, the council's commitment to affordable housing and community engagement remains a priority, with plans for further discussions to clarify the PILOT agreement and its implications for residents. The council's actions reflect a proactive approach to ensuring that the needs of the community are met while navigating complex regulatory frameworks.