Hoboken Ordinance Will Boost City’s Affordable Housing Funds

HOBOKEN, NJ — The Hoboken City Council gave the green light to a new ordinance that will boost local funds for affordable housing during their Wednesday meeting.

Councilwoman Vanessa Falco’s ordinance – which has gained the support of Mayor Ravi Bhalla – will increase the amount of money given by developers to Hoboken’s Affordable Housing Trust Fund for buildings that are 10 residential units or less, which are not already required to do so.

According to a statement from the mayor’s office, the ordinance would also require a 2.5 percent non-residential fee allocated for a new affordable housing and affordability assistance program.

Falco told Patch that the change to the city code is an attempt to address a national crisis on a local level.

“Communities that have been gentrified have suffered unintentional consequences,” Falco said. “In Hoboken specifically, we cannot reverse such consequences. What we can do is support and create policy aimed at solutions that will support diversified growth in all forthcoming development. This is a first step in policy of an issue that has not been address since 1988, when the original Affordable Housing Ordinance was created.”

The legislation passed on second reading on Aug. 7. Read the full ordinance.

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