Bergen County Real Estate News: March 2009 – Week 1

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

March 2009 – week 1 Issue

New apartment building planned in Tenafly
Housing plan launched by Obama government
Shalom Bombay in Teaneck
Dumont plans brook improvements

New apartment building planned in Tenafly

A new 21-unit apartment building is all set to come up in Tenafly. This building, located on Tenafly road close to the Tenakill brook promises to provide good ambience and living. Ki Jung Kim, the owner of the property has received permission from the Planning Board a variance to build apartments at 25 feet from the brook. However this is a major issue of concern for few home buyers as the municipal storm-water management ordinance requires a buffer of 150 feet to 300 feet from the waterway. Residents of the neighborhood also expressed concern of pollutants that could enter the Tenakill and affect the drinking water supply. Planning Board members said that this project was a tough decision to take and was finally acceded to in light of the given housing concerns of today. While the site plan approval was received way back in 2004, the builder had to provide a revised plan when the state department of Environmental Protection increased buffer requirements for waterways like the Tenakill.

Housing plan launched by Obama government

Given the manner in which the housing market is spiraling downwards, the Obama government has initiated a new program to help over 9 million borrowers retain their homes. Known as the ‘Making home affordable’ program, this will mainly work through refinanced mortgages or loans modified to lower monthly payments. While the program will not help every homeowner, it will definitely help responsible homeowners retain their homes. The administration of Obama will work in two phases of which the first phase will involve working with lenders to modify loan terms for approximately 4 million homeowners. To qualify for modification of loans, eligibility criteria for borrowers has been set up and they are allowed to modify their loans only once. The second phase of the program will involve refinancing approximately 5 million homeowners with affordable fixed rate loans. For the refinancing program the eligibility criteria accepts only homeowners whose loans are held by Fannie Mae or Freddie Mac.

Shalom Bombay in Teaneck

Teaneck residents have great options for food and dining and another one that joins the list of the best is Shalom Bombay. As the name indicates, this is an Indian theme restaurant that offers a good range of Indian cuisine. Food lovers are recommended to try its offerings of meat, seafood and range in vegetarian dishes. Its Indian Kosher cuisine is also worth mentioning as this is one of the few joints that offers an extensive range to suit different tastes. The restaurant also comes with a large hall for private parties and also takes up catering services for all occasions. Located at 166 Cedar Lane, this hotel replaces the former Taj Palace. Those interested in booking reservations or taking down more details can reach the eatery at 201 357 8505, email to [email protected] or get more details at the site shalombombay.com.

Dumont plans brook improvements

If Dumont manages to secure state funding, then a flood prone brook in the region may receive repairs and renovations. Officials report that $2.8 million will be required for the overall cleaning of Hirschfeld brook that flows through the center of the town and towards the East side of the Washington Avenue. Plans for major cleaning of the brook and its all round improvement have been submitted to the environment officials. Main areas of focus for its improvement include cleaning of culverts which are full of dirt and rocks and installation of stone-mesh reinforcement walls. The borough has also proposed to install wider drainage pipes as compared to the current narrow pipes that are causing nearby lawns to flood up in cases of water excess during heavy rains. After this immediate Phase I of improvements, the borough also plans to upgrade five of its sewage pump stations. As this will require the borough to access the brook from various private homes, officials state that if put in practice minimum inconvenience will be planned for residents. Advanced requests will be sent and the work will be done in minimum number of hours as possible. While grants and support are being planned for Phase I, officials hope that the phase II of the project will be funded by federal stimulus dollars.

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