WILDWOOD CREST – The Wildwood Crest Board of Commissioners has approved a request by a developer to create two offsite affordable housing units as part of the approval of its development application.
On May 4, the Wildwood Crest Planning Board gave conditional approval to T&C, LLC, for a project to build townhomes at 412-418 E. Farragut Road, pending an agreement with the borough’s affordable housing attorney regarding T&C’s obligation to provide the two affordable units. An agreement had to be reached before any construction permits could be issued. T&C agreed to purchase an offsite parcel with two affordable rental units before July 21, 2023.
The commissioners voted to approve the agreement after receiving a letter from T&C, LLC, dated Oct. 31, 2022, in which it agreed to purchase a property in Wildwood Crest with a minimum of two rental units.
According to the letter, the property would be titled to a limited liability corporation (LLC) to be named later, or in the names of the general partners of T&C, LLC. James Walsh, a general partner in T&C, said in his letter that as soon as a property was put under contract, the business would notify the borough so that it might be deemed compliant.
The commissioners approved a resolution Nov. 9 outlining the conditions of the approval. Once the offsite property is acquired, T&C will notify the borough, which will determine whether the units meet the requirements of the affordable housing ordinance. The units will then be deed restricted to meet the borough’s fair share housing obligation.
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