1/29/2014 - City Receives $1 Million for Affordable Housing

NEWS RELEASE 

CITY OF HACKENSACK
John Labrosse, Mayor
973-403-7836 January 28, 2014 

CITY RECEIVES $1 MILLION FROM 
AvalonBay FOR AFFORDABLE HOUSING
 
 

( Hackensack, NJ ) The city has received its first developer contribution to help meet the state’s affordable housing mandate – and it is a big one – a $1 million payment from the AvalonBay development. 

The contribution represents payment to the city for the AvalonBay at Riverside Apartment complex of 226 rental units that were built on the site of the Best Western Oritani Hotel. The money is designated for the city’s affordable housing trust fund, which was only recently established by the new city council. 

Interim City Manager Anthony Rottino said that although the affordable housing funding was promised to the city in 2010 – when the AvalonBay development was approved -- the previous administration did not create a fund for the money and the city had to recently re-file its affordable housing plan with the state. 

Rottino said the new city administration recently created the affordable housing fund and received AvalonBay’s contribution. “Creating the affordable housing fund is a big step for the city, especially now that there is increasing interest to develop in Hackensack,” said Rottino, who also serves as the city’s redevelopment director. 

Rottino said the city council and its attorneys have not made a final determination on how the funds will be used. 

Mayor John Labrosse said he is pleased to have AvalonBay’s contribution and that the city is looking forward to making the money available to improve the city’s affordable housing stock.

“We closed the gap in the city’s affordable housing program and now we have a repository for funds that can help improve the quality of life in our city,” said Labrosse. 

The state’s affordable housing regulations have been in limbo since the state Supreme Court invalidated the affordable housing rules adopted by the Council on Affordable Housing (COAH) in September 2013. The COAH third round rules were designed to establish the responsibilities of municipalities to provide affordable housing during the period from 1999 to 2018.