Palmyra council has approved a binding resolution that commits the borough to meeting its fourth round affordable-housing obligation over the next 10 years.
The measure calls for a present-need obligation of five affordable-housing units and a prospective-need obligation of 27 new low- and moderate-income housing units. It was adopted at council’s Jan. 27 meeting, ahead of a Jan. 30 deadline to accept Palmyra’s obligation.
The borough must now adopt a housing element and fair-share plan by June 30 to address its present and prospective need obligations.
The New Jersey Department of Community Affairs has the task of calculating a municipality’s present and future need for affordable housing for the 10-year period between 2025 and 2035. During the third round – which covered 1999 to 2024 – Palmyra was required to provide 102 units of affordable housing. It received credit for the many housing developments built since 1999, and also earned bonus credits.
The borough’s third-round affordable housing obligation was determined in a court-ordered settlement of a lawsuit brought by the nonprofit Fair Share Housing Center.
To qualify for an affordable housing unit, a one-person household’s annual income may not exceed $27,311 for a very-low income household, $45,419 for a low-income household and $72,830 for a moderate-income household. For a four-person, very low-income household, the maximum is $39,016; $65,027 for a low-income household; and $104,043 for a moderate-income household.
Monthly rent on an affordable-housing unit is based on the prospective tenant’s income.
Since 2019, construction on some units has been completed and others are nearing completion, including the public and private partnerships that made up the Route 73 South Redevelopment Area. Phase I of that project included the building of a 700,000-square-foot Tac-Pal Logistics Center warehouse. Construction of Phase II is underway for the The Cove at Palmyra, an apartment community with one-, two- and three-bedroom homes.
The community provides easy access to scenic walking trails and is conveniently within walking distance of Palmyra Cove Nature Park. Over a half mile of new trails are planned, along with gazebos along the water for park guests to enjoy, according to the borough’s website. The Cove at Palmyra also has direct access from Route 73.
Each housing unit offers Energy-Star appliances, including a dishwasher. The community building provides management offices, laundry facilities, an exercise room, maintenance space and a community room for resident use.
Monthly rent on a one-bedroom, one-bath apartment ranges from $586 to $1,178. A two-bedroom, one- bath apartment goes for $704 to $1,414, and a three-bedroom, 1.5-bath apartment ranges in price from $812 to $1,632.
For more information about the borough’s fourth-round affordable housing obligation, visit www.boroughofpalmyra.com.
