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Council approves tax exemption for Paulsboro Gardens affordable housing project
Summary
Council adopted R.25.221 approving a tax-exemption financial agreement under N.J.S.A. 55:14K-37(b) with Paulsboro Gardens LLC for a 150-unit affordable housing project; Solicitor Maley said existing tenants will remain in place.
Council adopted Resolution R.25.221 to approve a tax-exemption financial agreement under N.J.S.A. 55:14K-37(b) with Paulsboro Gardens LLC for an affordable housing project comprising 150 units. Solicitor Maley outlined how the Affordable Housing Act pertains to the project and stated that current tenants would remain in their units as the project proceeds.
The measure passed on recorded motion; Council President Thomas moved adoption and Councilwoman Armistead seconded. The minutes do not specify the exact terms of the exemption (rate or duration) beyond the statutory citation; the resolution authorizes the financial agreement and signals the Borough’s participation in the project’s tax-exemption process.
