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Colts Neck introduces bond ordinance to extend affordability controls; acquisition of an affordable unit proposed
Summary
The township introduced a bond ordinance to extend affordability controls for units at the Grama at Colts Neck (approp. $2.5M; authorizing $2.375M in bonds) and a separate ordinance to acquire and resell an owner‑occupied unit to preserve affordability. Officials said the developer trust ($1.3M) may be applied if an appeal succeeds; public hearings are set for Sept. 10.
The Colts Neck Township Committee on Aug. 13 introduced a bond ordinance to extend affordability controls on units at the Grama condominium complex and authorized first‑reading action on acquiring one owner‑occupied unit to preserve it as affordable.
Committee members explained the bond ordinance would appropriate $2,500,000 and authorize the issuance of $2,375,000 in bonds to finance extension of affordability controls across roughly 88 units at the complex (66 owner‑occupied and 22 rental). A finance committee member said the action is part of a multi‑round effort to meet state affordable‑housing obligations and to reduce the need for new construction by preserving existing units.
Officials noted a pending appeal regarding $1,300,000 currently segregated in a developer’s trust; if the town’s appeal succeeds the trust funds may be applied to repay bond borrowing. The township also introduced an ordinance to acquire Block 4101, Lot 43 (an owner‑occupied unit at the Grama), which would be bought at a standard state price and then resold to a qualified buyer under extended controls. Transaction costs for each acquisition will be borne by the township.
No votes to adopt the bond were taken at the meeting; both the bond ordinance and the acquisition ordinance were introduced by title. Public hearings on the introduced ordinances are scheduled for Sept. 10, 2025.
