Real Estate
Caldwell Ordinance Paves Way For More Affordable Housing
A change to a zoning ordinance in Caldwell paves the way for more affordable housing, but could mean a rise in the town's population.
![A change to a zoning ordinance in Caldwell paves the way for more affordable housing, but could mean a rise in the town’s population.](https://patch.com/img/cdn20/users/22844250/20190930/101640/styles/patch_image/public/general-housemoney-shutterstock-stockconnection___30101521758.jpg)
CALDWELL, NJ — A change to a zoning ordinance in Caldwell will pave the way for more affordable housing in the township, but could ultimately mean a rise in its population.
During a public hearing on Sept. 17, the Caldwell Borough Council approved a zoning change that will affect three Lane Avenue parcels and a property on Roseland Avenue, The Progress reported. (Read the full article)
The ordinance was adopted after multiple builder’s remedy lawsuits and a 2018 settlement agreement, The Progress reported.
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Caldwell is required to create 100 affordable housing units by 2025, according to Borough Administrator Tom Banker.
“For each affordable unit, a builder needs four market value units to make a profit,” Banker said. “That’s 500 units, which could result in a 20 percent increase in Caldwell’s population.”
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