Toms River to fund deed-restriction purchase at Northpointe/Deer Hollow to meet affordable-housing obligations, officials say
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Summary
The council authorized appraisal services and discussed using the township's affordable-housing trust funds to purchase deed-restriction extensions on existing apartments (Northpointe/Deer Hollow) as part of its plan to meet state affordable-housing obligations and avoid new large-scale construction.
The council approved an authorization for appraisal services related to acquiring deed-restriction extensions at the Northpointe/Deer Hollow apartment complex, a move the administration said is designed to satisfy the township’s affordable-housing obligations while avoiding construction of thousands of new units.
Town officials described a strategy of purchasing extended affordability covenants on existing rental properties so the township can meet state-mandated affordable-housing obligations without building large new apartment complexes. The administration said the trust fund used to pay for these extensions is made up of developer contributions collected over time and not direct general-tax money.
The mayor said the trust fund was never used under the prior administration and that about $9 million remained available; council members discussed the pending state review of the township plan and a court-ordered mediation scheduled before a retired judge. One council member said the state had not yet approved the plan and said he would vote against an expenditure until state approval is final. The mayor said appraisals and acquisition fees are paid from the affordable-housing trust rather than general taxes.
What’s next: appraisal services will be performed, and the administration said it expects the matter to be part of an imminent hearing related to the municipality’s affordable-housing plan.