South Orange has announced an affordable housing lottery for 11 apartments at the 110-unit Vose + Taylor mixed-use development now under construction in South Orange’s downtown on South Orange Avenue.
According to a post on southorange.org, the units will be available for occupancy this fall. The deadline to join the rental waiting list is July 18, 2022. See details below.
The 11 on-site affordable-rate apartments include:
- Three (3) 1-Bedroom Units
- Five (5) 2-Bedroom Units
- Three (3) 3-bedroom Units
The affordable housing units were negotiated as part of the site’s redevelopment plan with the town. The developers’ also paid for 11 units off-site at $75,000 per unit (10%) ($825,000 total off-site contribution); purchased public land for parking for $1.3 million; made a $700,000 capital improvement payment; and agreed to lease commercial space at a rate of $1.00 per annum for a minimum term of 25 years at the end of which the Village will “have right-of-first-refusal for a 5-year lease at market rate rent with option for one 5-year extension.” The project was granted a 25-year phased tax abatement or PILOT — payment in lieu of taxes — with the developer paying 10% from years 1 through 10, 12.5% in years 11 through 20, and $15% in years 21 through 25 before coming on at the full 100% of the value of the improvements.
From South Orange Township:
Don’t miss this opportunity! Affordable rental in South Orange.
Please submit a preliminary application at AffordableHomesNewJersey.com and join the South Orang Rental Waiting list by July 18, 2022 to be included in the random lottery number drawing to determine priority order. If you do not have an email address, call 609-664-2769 ext. 5.
