By Real Estate NJ
A deal between local officials and a housing advocacy group will result in Toms River having the fourth-highest number of new affordable housing units in the state in the coming decade.
A report by the Asbury Park Press said the agreement, struck between the Fair Share Housing Center and Dover Shopping Center Associates, requires the township to provide 1,285 units of low- and moderate-income housing through 2025. With the state’s tortured affordable housing policy now under review by the state Supreme Court, the report said local officials were relieved that Toms River does not have to rezone any properties to accommodate the units.
The deal was approved by the township earlier this week, according to the APP, while a spokesman for Fair Share Housing touted it as a guide for other municipalities.
“Settlements like this show other towns that they can do this, too,” Anthony Campisi told the APP. “A couple of dozen towns throughout the state have already reached agreements. It’s happening all over. We are hoping we will be able to announce more soon.”
For more, see Wednesday’s story by the Asbury Park Press.
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Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.