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Belmar officials say redevelopment deals and negotiations added affordable units and boosted trust fund
Summary
Council heard the mayor say redevelopment negotiations reduced total units modestly but added 56 deed-restricted affordable units, helping the borough meet a third-round obligation; the affordable-housing trust fund was reported at about $1.3 million with phased developer payments.
Belmar officials told the council the borough used redevelopment agreements and a declaratory-judgment strategy to convert proposed market-rate developments into projects that include deed-restricted affordable units, increasing the town’s affordable housing stock.
Mayor Gerald A. “Jerry” Buckles said several pre-approved projects initially proposed zero affordable units and together would have produced 438 market-rate units. After negotiation, the mayor said the final aggregate count dropped to about 405 units while adding 56 deed-restricted affordable units and securing credits from rental and deed-restricted units that contributed toward the borough’s third-round obligation of 91 units. “We actually added 56 affordable housing units... so we reached our number of 91 units for the third round,” Buckles said.
Nut graf: The council’s discussion framed the redevelopments as a mix of negotiated concessions and legal strategy to avoid builder-remedy suits while generating trust-fund resources and deed restrictions to ensure long-term affordability.
Officials also reported the borough’s affordable-housing trust fund balance at roughly $1.3 million. The mayor identified a major Russo/Repetti (referred to as Vermela in materials) development that carries a $2 million obligation to the fund, with $1 million being posted now and another $1 million to be posted at construction completion.
Council and staff discussed that some previously counted ‘affordable’ units lacked deed restrictions and were brought into compliance through deed restrictions and existing-unit lotteries; the clerk confirmed lotteries are underway for some units.
Ending: Council members noted settlements and ongoing litigation over incorrect PILOT payments for some projects are in progress; settlement negotiations were described as favoring the borough but remain subject to legal proceedings and further council oversight.
