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Council debates 30-year tax abatement request tied to 25% affordable units at Newark Avenue site
Summary
Developers seek a 30-year tax exemption for a 35‑story project at 693–701 Newark Avenue that would raise the project's affordable share from 20% to 25%, with 50% AMI units; council members expressed concern about length of abatement and neighborhood impacts.
Developers presented a request for a 30-year tax exemption for a proposed 35-story residential project at 693–701 Newark Avenue during the Jersey City Municipal Council caucus meeting. The applicant said the exemption is intended to support financing applications to state programs, to increase the project’s affordable share from 20% to 25% and to reserve those affordable units for households at a maximum of 50% of area median income (AMI).
The developer’s attorney told council members the project would include roughly 360 residential units with 20–25%…
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