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Council advances Locust Landing amendment to preserve 100% affordable housing and lower annual charge during redevelopment
Summary
Council introduced and voted to approve Ordinance 2025-9 on first reading, an amendment to a 1999 financial agreement for 105 Locust Avenue (Locust Landing). Officials said the change lowers the annual service charge from 9% to 1% during renovation, then to 4% after HMFA refinancing, and will return affordable-housing credits to Red Bank.
The Red Bank Borough Council approved the introduction of Ordinance 2025-9, an amendment to a 1999 financial agreement with Locust Landing Urban Renewal Associates LP for the property at 105 Locust Avenue that officials described as necessary to preserve 100% affordable housing on the site.
Resident questions and staff answers: At the start of the meeting, resident Stephen Hack asked how the proposed pilot compares with the longstanding pilot and requested revenue estimates; borough staff said the current annual service charge on the property is 9% and that the amendment would reduce that charge to 1% immediately upon…
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