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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Affordable housing deal</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, Aug 20 2005, 9:00 am EDT<span class="gen"> </span> Post subject: Perth Amboy reaches agreement with Cranbury to build 80 units</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><span style="font-weight: bold"> Perth Amboy reaches agreement with Cranbury to build 80 units of affordable housing.</span> <br /> <br /> Perth Amboy could build up to 80 units of affordable housing as part of a regional contribution agreement with Cranbury. <br /> <br /> The agreement would help the township meet the requirements of the third round of state-mandated affordable housing. <br /> <br /> Under regional contribution agreements, a municipality is allowed to transfer up to half of its state-mandated affordable housing obligations to other communities in its region by giving a receiving urban center money to renovate existing affordable housing or build new units. <br /> <br /> Cranbury would pay Perth Amboy approximately $2.8 million spread out over four annual payments of $700,000 to cover the cost of building or rehabilitating affordable housing units. <br /> <br /> The township's affordable housing consultant, Mary Beth Lonergan, estimated that Cranbury will have to plan for 160 income-restricted units, through building in the township or through a regional contribution agreement. <br /> <br /> Cranbury's obligation for the third round won't be announced by the Council on Affordable Housing until 2006. The third round housing requirements will cover the time period 2004 to 2015. <br /> <br />(<a href="http://www.zwire.com/site/news.cfm?newsid=15064941&BRD=1091&PAG=461&dept_id=425419&rfi=6" target="_blank" class="postlink">more...</a>)</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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