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Committee approves exercising right of first refusal to extend affordability controls on two units
Summary
Resolutions 2025-131 and 2025-132 authorize the township to exercise its right of first refusal to purchase two owner-occupied units (22 Parker Pass and 34 Federal Key) at maximum restricted price, preserving affordability and allowing the township to resell to qualified buyers; both were approved by roll call.
The Colts Neck Township Committee on June 25 approved two resolutions, 2025-131 and 2025-132, authorizing the township to exercise its statutory right of first refusal to purchase two owner-occupied units—22 Parker Pass and 34 Federal Key—at their maximum restricted prices. The stated purpose is to extend affordability controls by acquiring and then reselling the units to qualified buyers, which the township said will help meet state-imposed affordable-housing obligations without new construction.
Town officials said the measures are part of a strategy to preserve existing affordable units and to secure credit toward round-four obligations under state law. Both resolutions were moved, seconded and approved by roll call with all present committee members voting yes.
The town will proceed to exercise the rights of first refusal under the terms specified by the housing program; details about the purchase timeline, the restricted prices and the identity of prospective purchasers were not provided at the meeting.
