Colts Neck’s Plan - Concerns Grow

Colts Neck’s shared its Affordable Housing plan on July 11th. The presentation had no build dates, no detail on the size, scope or type of development. It was overly vague!

Committee Member Frank Rizzuto had the gall, the impudence and the chutzpah to say there is a ten-year window before Colts Neck is required to do anything regarding Affordable Housing. Colts Neck’s plan is NOT to build, during the ten-year period. Will this approach come back to bite Colts Neck residents in the tush and the wallet?

Falkland’s Law is about intentional restraint, before committing to a course of action. Delaying the inevitable, hoping affordable housing is not relevant in the future, appears to be Colts Neck’s strategy. How will Superior Court Judge Linda Jones respond this time?

Converting market rate rentals to affordable units, to eliminate construction, was the main option shared. We were told it comes with significant costs. There was no indication how costly this approach would be to tax payers. Being candid...this appears half baked at best!

At The Grande, 22 of those units were acquired last year by a real estate investor for $2 Million or roughly $91,000 each. There was no financial benefit discussed for the investor to reduce market value rents of say $4,000 per month to an affordable rate of $2,000 per and loose $528,000 in rent, a year for the next 30 years. Will tax payers be on the hook for the $528,000 yearly rent difference?

Reducing taxes to the condo ownerships to convert the market units to affordable units was mentioned. If those 22 condos have a tax bill of $10,000 a year...and the tax bill was cut in half, the real estate investment group would save $5,000 a unit on taxes x 22 units or $110,000 a year while losing $528,000 in market rate rents for the same period. Will the reduction of $110,000 in taxes become the burden of Colts Neck tax payers, our elected officials refused to say.

If Colts Neck was to buy the 22 units at market value… it would be an estimated $11 Million. When asked where the money will come from to purchase the units, no response was offered. The 22 units account for 25% of the units at The Grande…tax payers will be forced to pay dearly to acquire all 88 units! There is only perhaps $1.3 Million in the Affordable Housing Fund.

Deputy Mayor Viola claimed Colts Neck has been actively engaged with The Grande ownership for 12 to 18 months. Yet it was Mariane Cucolo, at a Town Public Meeting, that said condos at the Grande are in play to be purchased, 18 months ago. Colts Neck slept on its laurels and a private investor purchased 22 units. Colts Neck claiming the right of first refusal to purchase, apparently dropped the ball.

Comments were made about working with non-profit organizations. Mayor Buss asked this resident to forward contacts for two veteran housing organizations. If Colts Neck was actively engaged with those organizations, why did the Mayor ask for the contacts?

If our Mayor had contacted them, she would know their minimum build size and the land to build on, is donated. Colts Neck could have purchased land at a much more cost effective price, years ago.

The presentation also conveyed building lots in Colts Neck do not exist. Yet a local builder continues to find properties to purchase and build impressive, large, multi-million-dollar homes in town. The Colts Neck approach appears to be pure nonsense.

July 9th, Planning Board Meeting, Chairman Tobia said units at Earle did not seem realistic. Mayor Buss said Naval Weapons Station Earle was not in play for Affordable Housing…she paused then said … “NOT AT THIS TIME”. Deputy Mayor Viola then said, “The attorneys are involved, we are in discussions with Earle, so we are not at liberty to discuss that. When it becomes relevant we will let you know.” How can the public believe anything the Mayor says?

To access the old Earle housing units for affordable housing, including units for seniors and veterans, requires a hole cut in the protective fence, build a road to the abandoned homes, then have the affordable housing families live inside a fenced in area, in “the blast zone”, on land that is still on the EPA National priority hazardous site list.

I am not a fan of affordable housing. I speak for those people who can't speak for themselves. Placing the affordable housing families, including the veterans, in the blast zone, on a site that is still on the EPA National priority contaminated property list... is clearly wrong!

Deputy Mayor Viola and Committee Member Frank Rizzuto complimented me on my questions being on point. It would have been nice if the responses from our elected officials were on point!

Kevin M. O'Brien