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Red Bank OKs 30-Year Agreement to Rehab Locust Landing, Preserving 40 Affordable Units
Summary
Council approved Resolution 25-159 to authorize an agreement with WCP Locust Landing MM LLC to rehabilitate the Locust Landing affordable-housing property, lock in 40 affordable units for 30 years, secure 20 municipal affordable-housing credits, and provide PILOT/loan forgiveness to make the project viable.
The Red Bank Borough Council approved Resolution 25-159 to authorize an affordable-housing agreement with WCP Locust Landing MM LLC for the property at 105 Locust Landing Avenue (block 71, lot 1.01). The agreement aims to rehabilitate a financially distressed affordable-housing project, keep 40 affordable units in service for 30 years and secure 20 affordable-housing credits for the borough's state-mandated obligations.
The borough's attorney for…
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