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The Planning Board approved an amendment to Paramus’s Fourth Round Housing Element and Fair Share Plan 7-0 and found two related ordinances consistent with the Borough’s Master Plan, also by a 7-0 vote. The revised plan proposes 100 affordable housing units at the Oster site, supported in part by an affordable housing trust fund projected to grow from $4.4 million to $12 million over the next decade.
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The Board recommended that Mayor and Council move forward with the updated affordable housing plan and related zoning changes. The proposed Oster site project would provide 100 affordable units, but the developer must still submit an application for Planning Board approval. The plan also proposes collecting a 20% fee from both new multifamily rental and for-sale development, with the money deposited into the affordable housing trust fund.
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