MONTVALE—A public hearing is set for March 29 on final approval of a proposal to construct 25 low- or moderate-income units on a 3-plus-acre borough property on Summit Avenue.
The siting, for Montvale Family Apartments, is part of the borough’s third-round affordable housing obligations, approved under its 2017 affordable settlement plan.
Ordinance No. 2022-1517, introduced unanimously on March 8, authorizes the sale of borough-owned property at 159-161 Summit Ave. (Block 1002, Lots 3 and 5) to Montvale Family Apartments Urban Renewal LLC (subsidiary of The Walters Group, Haddonfield) for $1.
According to The Walters Group, the units will be contained in a pair of three-story buildings, one of 15 units and one of 10 units.
During a November Planning Board hearing, an attorney for Montvale Family Apartments Urban Renewal LLC, Damien Del Duca said the development will have 55 parking spaces, and include a bike shelter, a playground and common area, fitness center and reception desk.
The ordinance notes that the developer received funding for the 100% affordable project from the state Department of Community Affairs Affordable Housing Trust Fund Program.
Additional funding is from the Bergen County HOME program, offering home investment partnership grants to for-profit and nonprofit affordable housing developers.
The ordinance grants the nonprofit developer a PILOT (payment in lieu of taxes) program for the project to demonstrate the borough’s “consistent, continuing and strong support for the project.”
The development received final site plan approval, with related approval for a major soil movement permit, from the Planning Board last year.
The ordinance also notes the Local Lands and Building Law authorizes the private sale of property not needed for public use to a duly incorporated urban renewal corporation “for the purpose of constructing housing for low- or moderate-income persons for a price which may be nominal.”
Del Duca said that The Walters Group will set income qualifications and marketing efforts in consultation with Fair Share Housing Center.
We reached out to Del Duca for a timeline for construction and other details and did not hear back by press time.