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The Council unanimously advanced a 35-year tax abatement on first reading for a proposed 196-unit fully affordable housing project at 10 Park Place, including about 4,500 square feet of retail space. A public hearing is scheduled for June 17, 2026.
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The proposed project would convert the property into 196 affordable rental homes, with 195 units reserved for households averaging 50.1% of the area median income and units available to households at or below 30%, 50%, and 60% of that income measure. The tax abatement is not final; residents will have an opportunity to comment at the June 17 public hearing. The Council also adopted Newark’s $900,500,264.94 2026 annual budget, authorized a legal-services contract capped at $200,000, approved a sister-city relationship with Arcos de Valdevez, Portugal, and authorized an agreement for Newark Fan Village.
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