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Council approves spending plan to extend expiring affordable-housing deed restrictions using trust funds
Summary
The council adopted a spending plan that uses money from the township’s affordable-housing trust to extend deed restrictions on existing affordable units; the measure attracted debate and several council votes against the plan pending further review of materials.
TOMS RIVER, N.J. — The Toms River Township Council approved a spending plan to deploy funds from the town’s affordable-housing trust to extend deed restrictions on previously created affordable units, a step the administration said would preserve affordable units without building new developments.
Town officials explained the mechanics at the meeting: deed restrictions tied to developer-created affordable units typically expire after a statutory period (commonly 20 years). Township counsel and staff told the council the municipality holds roughly $9 million in its affordable-housing trust and can use some of that…
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