PARAMUS, NJ — An affordable housing project in Paramus could inch closer as the borough's planning board will weigh the site's preliminary and final plan approval.
The housing construction project is slated for a lot near BJ's on Route 17 North.
The project has been in development since 2020, with new updates revealed at a June 11 council meeting.
Plans initially included a minimum of 101 residential units, 100 being deemed affordable. That has since been reduced to 65 affordable units but still allowing a range of 45–101 affordable units, according to a borough ordinance.
The financial agreement for the site includes:
1. A payment in lieu of tax program of three percent (3%) of annual gross revenues and in the alternative 4% of annual effective gross rents (annual gross revenues from rents less tenant paid utility expenses) whichever provides the greatest revenue to the Borough.
2. A contribution from the Borough's affordable housing trust fund in the amount of $4,500,000 to create affordable housing opportunities resulting from required contributions from various other developers doing business in the Borough of Paramus.
The Thursday meeting at 7 p.m. will be held at Borough Hall located at 1 West Jockish Square.
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