Closing on the acquisition of the Elizabethtown Gas building on Central Avenue could come this month, with an application to the Planning Board possible later this year that would bring affordable housing for artists to the site.

Redevelopment Agency attorney Frank Regan briefed commissioners at their Dec. 3 meeting, saying that Elizabethtown’s parent company, AGL Resources, must produce some environmental approvals and paperwork, adding that the agency could proceed to closing but is just being cautious.

There is no urgency other than the developer anticipates applying to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) in July and to Union County for federal HOME funding by February, according to Regan, adding that the agency would like to demonstrate site control before proceeding.

The existing two-story building on the Central Avenue site would be renovated and expanded beyond the current 6,500 square feet to create 71 affordable housing units for people who work in arts and entertainment. The concept for Rahway Residence for the Arts first was presented to the agency in April 2012 as a 60-unit complex.

The Redevelopment Agency will buy the 1-acre property for $731,000 and sell it to Cherry Hill-based Ingerman Development Corp. for $956,000. More details on the acquisition can be found in this earlier post about the redevelopment agreement.