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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 execution of the amendment. Staff said they expect the developer to renovate and raise the property to comply with current flood-elevation standards, then refinance under HMFA rules in roughly 24–36 months; at that time the pilot would convert to a 4% annual service charge consistent with the ordinance.
Why it matters: Officials and several public commenters framed the amendment as a time-limited mechanism to make renovation and flood-elevation work financially feasible while preserving on-site affordable units and returning affordable-housing credits previously transferred out of Red Bank. Council members described it as a measured use of the HMFA pilot program that avoids long, complex tax-exemption negotiations while protecting current residents.
Comments at the meeting: Stephen Hack questioned revenue estimates and emphasized the project's flood vulnerability and the need to complete the work under current elevation rules. Amy Goldmith, who said she lives on Locust Avenue, told the council, “We desperately need really truly affordable housing,” and urged the borough to support measures that keep neighbors in place. Council members repeatedly framed the action as necessary to preserve housing, and one council member called the accomplishment “a victory” for the borough’s affordable-housing obligations.
Formal action: Council approved introduction of the ordinance (first reading) by roll call; council members also approved related ordinances on introduction later in the meeting. Officials said detailed redevelopment agreements and planning-board site-plan review will follow and will address tenant-protection details such as phased renovation and relocation compensation.
Next steps: The ordinance was introduced on first reading and will proceed to the public hearing and further planning-board review as required by statute and the borough’s redevelopment process.
