FACILITIESAPPROVED

Borough of Saddle River Special Meeting Agenda May 2026

Developer’s Agreement Finalized for Saddle River Affordable Housing Project

Borough of Saddle RiverSADDLE RIVER PHASE 2 LLCMay 1, 2026

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Description

Saddle River executed a detailed Developer’s Agreement with Saddle River Phase 2, LLC outlining responsibilities to build and operate a 42‑unit, 100% affordable age‑restricted rental project, including securing NJHMFA financing and a PILOT based on 6.28% of annual gross revenues. The Borough commits to convey the site at financing closing and to provide local fee waivers, resolutions of need, and support for tax credit applications while the developer must maintain long-term affordability and regulatory compliance.

Contract Details

Vendor

SADDLE RIVER PHASE 2 LLC

Agency

Borough of Saddle River, NJ

Contract Type

FACILITIES

Document Date

May 1, 2026

Contract Term

At least 30 years of affordability controls once deed restriction is recorded; project schedule tied to NJHMFA funding and approvals

Renewal Info

The agreement mandates a minimum 30‑year deed restriction for affordability and contemplates a long-term PILOT agreement to be executed by June 1, 2026; it includes provisions for extensions, defaults, and possible termination if financing, approvals, or contingencies are not met. Ongoing obligations to keep units creditworthy and to cooperate with Borough monitoring continue for the life of the restriction.