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Hudson County adopts ordinance guaranteeing up to $52.5 million in housing revenue bonds to support affordable units
Summary
The Board adopted Ordinance A-1 authorizing the County to guarantee up to $52,500,000 in housing revenue bonds issued by the Hudson County Improvement Authority to assist development of low- and moderate-income housing. Commissioner William O'Dea spoke in favor, citing the measure's support for UHAC-compliant affordable units.
Hudson County commissioners adopted Ordinance A-1 on March 13, authorizing the County to guarantee up to $52,500,000 aggregate principal of housing revenue bonds issued by the Hudson County Improvement Authority to support affordable housing financing.
The ordinance — introduced previously and published with the statutory public hearing notice — was taken up at this meeting. The clerk opened and then closed the public hearing, noting no members of the public had signed to speak on the item. On final adoption Commissioner William O'Dea said the county guaranty was sound public policy to support the creation of low- and moderate-income units and to make projects financially feasible. "This is good public policy because it's encouraging and assisting the development of significant number of affordable housing units," O'Dea said on the record.
The ordinance passed on roll call. County staff and the clerk said the guaranty will be recorded in the appropriate bond and project documents and administered through the Hudson County Improvement Authority and county finance staff.
What happens next: The Hudson County Improvement Authority and project sponsors will proceed with financing steps. The guaranty provides additional security to support bond issuance for qualifying affordable-housing projects; further project-level details and timelines will be handled by the Authority and participating developers.
