SOMERVILLE − Thanks to a $350,000 donation from one of the borough’s largest developers, Somerville has established an Affordable Housing Trust Fund to help cover costs in fulfilling government contracts.
The money will be given to the municipality by Somerset Development, which spearheaded the development of the apartment and townhome development at the train station on the former landfill, Mayor Brian Gallagher said Monday at the Borough Council meeting.
The money will pay consultants to develop the affordable housing plan and administrative costs, Gallagher said.
“They came to the table, were asked and they agreed,” the mayor said. “It’s the right thing to do.”
The creation of the fund comes at a time when Somerville, like all New Jersey municipalities, is facing the latest round of supplemental housing targets set by the state Department of Community Affairs.
Somerville’s goal is 74 units.
More: NJ releases new affordable housing quota. View the numbers for your city in Central Jersey
The council has until January 30 to accept or reject that number and until June 30 to develop a plan for how the goal will be achieved.
To help Somerville meet that agreement, Gallagher said, another of the borough’s prominent developers, the Storms family, has agreed to convert six market-rate units at 129 Fairview Ave. in affordable units for middle-, low- and very low-income families. for 30 years.
DGM Management, the Storms family company, owns several apartment communities in downtown Somerville, including the Station House on Veterans Memorial Drive and apartments on West Main Street and Doughty Avenue.
“They are here, they are visible, they are working on their apartments every day,” the mayor said. “They are a good family.”
Gallagher said it’s a “landmark” for Somerville and said the Storms family “did this because they wanted to. They felt it was the right thing to do.”
It’s the first time a developer has taken this approach in Somerville, Gallagher said.
“They have heart because this is their home,” the mayor said.
Email: mdeak@MyCentralJersey.com
This article originally appeared on MyCentralJersey.com: What is Somerville doing about new affordable housing goals?
