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.
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