Borough council authorized using $1 million from the sale of land related to the redevelopment of Pearl Street to help fund the Fair Share Housing plan, which calls for the renovation or creation of low income housing units.
Council authorized drawing the money from the parking authority from its sale of land to Woodmont Properties, the developer of the Pearl Street project.
It’s not clear if the money will be used to create new housing, or to renovate already-existing low income housing in the borough. We’ll update this next week when borough government is back to work.
Metuchen’s Fair Share Housing plan, most recently updated in 2008, calls for 42 unit of existing low income housing to be renovated, and one affordable housing unit for every five market rate units created after 2004. Also, the borough is obligated to create one affordable housing unit for every 16 jobs created through expansion or creation of non-residential development.
It’s not clear how much of the plan has been met since 2008. A low income household in Metuchen is one with gross annual income at or below 50 percent of median income. In Metuchen, median income is $101,793 as of June 2014, according to Sperling’s Best Places, so gross annual household income below $50,896 would qualify.
A moderate income household in the borough is one in which gross annual income is more than 50 percent of the median but less than 80 percent, according to the borough’s affordable housing code.