Township to apply for affordable housing funds

[news]

Township to apply for affordable housing funds

Friday, October 19, 2007 11:56 AM EDT
By Maria Prato-Gaines

CRANBURY — The township is ready to apply for a state reimbursement that will help cover the cost of buying land needed for affordable housing.

The municipal land acquisition funds are acquired through the Department of Community Affair’s Division of Housing.

According to Township Attorney Triska Waterbury, the funds provide financial and technical assistance to municipalities seeking to “secure land and/or property, cover most of its project costs and create a project that fits the town’s vision.”

The money will be used to offset $1 million used in June to buy a 4-acre parcel at 2665 Route 130, Ms. Waterbury said.

”The total amount we’re seeking in reimbursement for the acquisition is $1,000,500, and about $36,000 in soft cost,” Ms. Waterbury said.

Soft costs could include hiring engineering and environmental assessors, among other things, she said.

Cranbury is among the communities in the state that is mandated to provide for affordable housing under the state Supreme Court’s Mount Laurel ruling.

The township expects to build between 29 and 48 unites on the site, said Kathleen Grady, a planner working for Clarke Caton and Hintz, an architecture and planning firm hired to prepare the application.

As part of Cranbury’s third round of affordable housing requirements, the township is required to plan for 160 affordable units.
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http://www.packetonline.com/articles/2007/10/19/cranbury_press/news/doc4718d20f18650304502457.prt