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Franklin Lakes Spends $2M in COAH Funds for 14 Acres

Borough purchased the parcel of land near McCoy and Colonial roads from Temple Emanuel of North Jersey using $2,000,000 in affordable housing money. Officials say they have identified "a need for special needs housing."

Franklin Lakes purchased approximately 14 acres of property in the borough Monday using $2,000,000 funded by state affordable housing money, according to a press release issued Tuesday.

The borough bought the tract of land on McCoy and Colonial roads from .

"The purchase price of $2,000,000 will be funded with the borough’s Affordable Housing Trust Fund, after satisfying the terms of the agreement including the borough’s receipt of authorization from the [state] Council on Affordable Housing," according to the release.

The fund had been built up "over many years from state mandated development fees charged on new construction in the borough and can only be used for COAH projects and related needs," so no additional taxpayer funds would be needed to acquire the property, according to the statement.

Development of this property is still undetermined, but must comply with COAH restrictions, the borough wrote.

Borough officials wrote in the statement that officials have "expressed and identified a need for special needs housing" and will explore options with "various entities" to provide such services and facilities.

Stay with Wyckoff-Franklin Lakes Patch for more on this developing story.

Have a question or news tip? Contact editor Joseph M. Gerace at Joseph.Gerace@patch.com, or find us on Facebook and Twitter. For news straight to your inbox every morning, sign up for our daily newsletter.

James Kleimann July 10, 2012 at 08:02 PM
Hi all, As written above, we'll be continuing coverage on this issue in the days to come.
Nancy Greene July 10, 2012 at 08:30 PM
Why spent the money in an unbuildable lot. Please spent more money on the HIgh Mountain Country Club and keep it what it is where the birds and the deer can play.
Gary Rabinowitz July 10, 2012 at 09:19 PM
Unfortunately, Gov. Christie's "dismantling" of COAH was so weak that any prudent municipality has to act as if it is still in effect (cause it is). Sadly, this has been the Governor's MO -- lots of bark, no bite. In the GOvernor's slight defense, the courts and entrenched bureaucratic interests are making it difficult to impossible to reform COAH. But we know the Governor will appoint good people to the bench to change all that (right? right?......). Yeh, right...... GXR
Susan Bograd Yudin July 12, 2012 at 08:53 PM
Gary: Our membership drive is in progress. Maybe you would like to join. If you let me know your REAL NAME and address we can send you an application. Susan Bograd Yudin, President, Temple Emanuel of North Jersey
Shirley O'Reilly July 12, 2012 at 09:23 PM
Franklin Lakes has a development fee ordinance (collected from developers) that creates a dedicated revenue source for affordable housing and there is a large balance in that fund.  The funds must be used for the sole purpose of providing low and moderate income housing.   To help  balance the state budget, recently Gov. Chris Christie recommended the state use the COAH trust fund monies of municipalities.  The administration appears to be within its legal right to do so, as the law creating the funds—and the developer fees that municipalities levy to subsidize them—specified that municipalities had to “commit to spend” the money within four years. time may be running out on some of that dedicated revenue source, not sure.....

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