Saddle River has approved its Fourth Round affordable housing plan, aiming to meet state mandates while preserving the borough's character. The plan addresses the need for affordable units and outlines strategies for financing and marketing these homes to qualifying households.
Key components of the plan include Resolution 104-26, which adds $2.5 million to the borough's Affordable Housing Trust Fund. These funds will support various initiatives, including rehabilitation projects, accessory apartments, and the purchase of the 20-22 E. Allendale Road site. Funds will also provide loans for construction cost gaps at the Choctaw Trail affordable housing site, affordability assistance for low- and moderate-income households, and administrative expenses.
Resolution 105-26 adopts an affirmative marketing plan to ensure affordable housing units are actively marketed to eligible households in the region. Resolution 106-26 commits the borough to financing any funding shortfalls in its affordable housing programs through annual budget appropriations, bonding, or other legal means.
The plan emerged from a Jan. 5 mediation agreement that resolved challenges from Fair Share, an advocacy organization, and AvalonBay Communities, developers of a 275-unit rental apartment complex planned for 1 Route 17 south off Boroline Road. The agreement includes a new affordable construction site at 20-22 E. Allendale Road for 45 affordable senior housing rental units.
Furthermore, a 20-acre affordable housing overlay zone has been created on Boroline Road, allowing 30 units per acre with 20% designated as affordable. AvalonBay already has approval for 275 units in this zone, with 20% being affordable.
The agreement ensures that Saddle River maintains control over its zoning and master plan, avoiding a scenario where a special master could override borough restrictions on density, setbacks, and height limits. Details of the mediation agreement and the March 26 meeting agenda are available on the borough's website.