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Newark Council OKs 30‑year abatement for 1098 Broad Street; developers to fund off‑site affordable units
Summary
The Newark Municipal Council adopted a 30‑year tax abatement for 1098 Broad Street Urban Renewal Company LLC after public comment and a staff briefing that said affordable units will be provided off‑site and the developer will pay into the city’s affordable housing trust.
The Newark Municipal Council on April 2 adopted an ordinance granting a 30‑year tax abatement to 1098 Broad Street Urban Renewal Company LLC for a five‑story building with 35 market‑rate rental units in the East Ward.
City legislative staff said the Broad Street project is one of five related developments. “For this particular project, there will be affordable housing done off‑site at 69 Sherman and they are paying into the affordable trust fund,” Brandon, legislative administrator for economic and housing development, told the council during the public hearing.
The ordinance — sponsored by Councilman Gonzales and seconded by Councilman Quintana —…
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