Hackettstown Plans To Permit 275 Unit Residential Project

Hackettstown NJ

10 June, 2021

2:51 PM

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HACKETTSTOWN, NJ — At their meeting on Thursday night, the Hackettstown Town Council is slated to adopt an ordinance for a tax-exempt, 275-unit residential housing project, that will include 55 affordable units. As part of its Bilby Road Redevelopment Plan - a section of town earmarked "non-condemnation area in need of redevelopment" - Moudro Urban Renewal LLC will oversee the project; and has been permitted to file a long-term tax exemption application, per the Long Term Tax Exemption Law, according to the ordinance. Hackettstown's mayor and council unanimously permitted Moudro's tax exemption application on April 22. The ordinance stresses the importance of the redevelopment project, stating not only will it satisfy the town's third round affordable housing commitment, but should benefit the town by developing a tract that's been designated one in need of development, for a considerable amount of time. "The benefits of granting the long-term tax exemption will substantially outweigh the costs, if any, associated with the long-term tax exemption," the ordinance read. "The long-term tax exemption is important to the town and Moudro because it is unlikely that the project, which will address a portion of the township's third round affordable housing obligation, would be undertaken." Questions or comments about this story? Contact me at: [email protected].