Paramus Weighs Final Approval For Affordable Housing Project: What To Know

PARAMUS, NJ — An affordable housing project in Paramus could inch closer as the borough's planning board will weigh the site's preliminary and final plan approval.

The housing construction project is slated for a lot near BJ's on Route 17 North.

The project has been in development since 2020, with new updates revealed at a June 11 council meeting.

Plans initially included a minimum of 101 residential units, 100 being deemed affordable. That has since been reduced to 65 affordable units but still allowing a range of 45–101 affordable units, according to a borough ordinance.

The financial agreement for the site includes:

1. A payment in lieu of tax program of three percent (3%) of annual gross revenues and in the alternative 4% of annual effective gross rents (annual gross revenues from rents less tenant paid utility expenses) whichever provides the greatest revenue to the Borough.

2. A contribution from the Borough's affordable housing trust fund in the amount of $4,500,000 to create affordable housing opportunities resulting from required contributions from various other developers doing business in the Borough of Paramus.

The Thursday meeting at 7 p.m. will be held at Borough Hall located at 1 West Jockish Square.