Cinnaminson Sets Aside $42K To Implement Market-Affordable Plan

CINNAMINSON, NJ — Cinnaminson will pay Triad Associates $42,531 to implement the township’s market-to-affordable program to help it satisfy an unmet portion of its affordable housing obligations.

The money will come from the township’s Affordable Housing Trust Fund after Township Committee approved a resolution during Monday night's meeting at the municipal building.

Under the program, Triad will find available market rate homes, fix them up, and the township will market them with an affordable housing deed restriction that is good for 30 years.

The money the township will pay Triad will be used for upgrades to the homes. The fund is made up of fees the township collects from developers.

“The goal is to find 12 to 14 units to help us meet our obligation in a positive way,” Township Manager Eric Schubiger said.

In 2019, Cinnaminson reached an agreement on its third round affordable housing obligations, which calls for the township to build 30 affordable units by July 1, 2025.

However, the market-to-affordable plan is actually being implemented to help the township meet its goal from the prior round, which it learned last year was 18 units short.

The rest of the units are covered in a Memorandum of Understanding the township agreed to with Habitat for Humanity for a project on Belleview Avenue. Read more here: Cinnaminson Tackles Deficiencies In Affordable Housing Plan