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Colts Neck committee defends Round Four housing plan, approves $2.5M bond to preserve existing affordable units
Summary
The township told objectors it will defend its Round Four fair‑share plan and adopted a $2.5 million bond ordinance to preserve affordability controls at the Grand of Colts Neck, borrowing now with the intention of reimbursing developer‑trust funds held under appeal.
A committee member told the Colts Neck Township Committee on Sept. 10 that the township will contest three formal objections to its Round Four fair‑share housing plan while moving forward with strategies to preserve existing affordable units. The committee also adopted Bond Ordinance 2025‑9 to authorize borrowing up to $2.375 million as part of a $2.5 million appropriation to extend affordability controls at the Grand of Colts Neck condominium.
The committee member said the township’s Round Four obligation covers 101 units for the 10‑year period from July 1, 2025, to June 30, 2035, and noted that the municipal filings required by that program were completed. Three objectors were identified: Fair Share Housing Center (an advocacy organization), March and Associates (seeking to develop Squalari Farm at 68 Ory Road with 202 units and a 20% affordable set‑aside) and Active Acquisitions (seeking to develop Wellspring at 5 Route 537 with as many as 400 units). The committee said it will invoke a durational adjustment argument — citing limitations in local water and sewer infrastructure — as part of its defense.
To maximize non‑development options for meeting Round Four requirements, the committee described pursuing affordability‑conservation strategies, including extending regulatory affordability terms on existing units and exercising rights of first refusal on owner‑occupied units. The committee said it expects to memorialize a first strategy with resolutions and documentation at its Sept. 24 meeting.
On the bond ordinance, officials said roughly $1.3 million is currently held in a developer trust intended for affordable‑housing purposes but is encumbered by a court decision from Round Three that is under appeal; the township plans to borrow now and be reimbursed from the developer trust when available. Committee members said the borrowed funds would be used to conserve affordability controls on existing rental and owner‑occupied units, with potential controls lasting an additional 40 years on negotiated units.
The bond ordinance was adopted by roll call (Committee member Rosetta: yes; Committee Fitzpatrick: yes; Committee Rudo: yes; Deputy Mayor Michael Viola: yes). The committee indicated it will continue to post and process the objectors’ legal filings and handle the challenges through the appropriate legal channels.
What happens next: the township plans to post the objectors’ filings, proceed with legal defense where appropriate, and consider additional implementing resolutions at the Sept. 24 meeting to operationalize the affordability‑conservation strategy.
