Consider these two COAH applications recently heard before two different township boards.
A Weston Road developer is requesting permission from the Planning Board to convert 14 already constructed COAH two-and-three bedroom rental units in his 185-unit age-restricted development to COAH for-sale units, testifying that there is no demand for COAH rentals.
Another developer has applied to the Board of Adjustment to construct an apartment house containing 84 COAH rental units off Route 206 on Campus Drive.
Both developers have presumably studied the COAH market, but somehow come out with vastly different results. The Weston Road builder testified that he has been unable rent out his 14 affordable units – no one wants them. The Route 206 developer apparently has demographic and marketing information showing that he can easily rent out 84 affordable units.
Now, if the Route 206 builder gets approval, builds the building, Hillsborough gets the COAH credits, and then the builder can’t rent out the units, what happens? Can the builder “take back” his affordable offer and change them to market-price rentals or for-sale condos? Does Hillsborough just lose its credits or is there some penalty involved?
So who is going to decide if the COAH rental market is there or not? The developers?
Uh-oh. I think we're in trouble.
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