CONSTRUCTIONAPPROVED

South Orange Village Board of Trustees Resolution March 2024

South Orange Approves Affordable Housing Transfer to BCUW/Madeline

$1.00Township of South Orange VillageBCUW/MADELINE HOUSING PARTNERS LLCMarch 19, 2024

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Description

The South Orange Village Board of Trustees approved and authorized execution of a Transfer and Development Agreement with BCUW/Madeline Housing Partners, LLC for the construction and operation of a supportive affordable housing project at 232 Waverly Place. The property will be transferred for $1 to the developer, subject to strict affordable housing and use restrictions.

Contract Details

Contract Amount

$1.00

Vendor

BCUW/MADELINE HOUSING PARTNERS LLC

Agency

Township of South Orange Village, NJ

Contract Type

CONSTRUCTION

Document Date

March 19, 2024

Contract Term

Construction to be completed by August 31, 2024 but no later than 24 months from building permits, with a possible 12-month extension for delays beyond Developer’s control

Renewal Info

Term allows for completion by August 31, 2024, or up to 24 months from permit, with a potential extension of up to 12 additional months for delays outside the developer’s control; deed contains right of reverter if conditions are breached.

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