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Hazlet adopts resolution supporting 35‑year PILOT extension for 141‑unit Bethany Towers rehab
Summary
The committee approved a resolution supporting Bethany Towers Home Preservation, LLC’s plan to rehabilitate 141 units, extend affordability controls for 35 years, and execute a PILOT agreement based on a 6.28% rate subject to HMFA/NJEDA financing and compliance.
The Hazlet Township Committee adopted a resolution on April 14 supporting an extension of affordability controls and execution of a Payments‑In‑Lieu‑of‑Taxes (PILOT) agreement for a proposed rehabilitation of Bethany Towers, a 141‑unit housing development. The resolution states the project will be subject to HMFA (NJHMFA) affordability controls, and that Bethany Towers Home Preservation, LLC will seek financing including an application to the New Jersey Economic Development Authority under the Aspire Tax Credit Program.
The Committee authorized the Mayor to execute the PILOT agreement “in substantially the form annexed” and identified a proposed PILOT rate of 6.28%. The resolution indicates the developer seeks to extend affordability controls for an additional 35 years and that payments in lieu of taxes will be determined pursuant to the executed agreement.
The resolution describes the Committee’s determination that extending affordability controls and facilitating the rehabilitation is a municipal benefit; the meeting record includes certification language indicating the resolution was passed and adopted on April 14, 2026.
