Anthony Marchetta, executive director of the New Jersey Housing and Mortgage Finance Agency said there is a “significant, unsatisfied demand for affordable housing” in the state. The agency allocates the low-income housing tax credits the state receives from the federal government.
He said the cost of living has risen so high in New Jersey that many people earning moderate wages have been seeking out income-based rentals in much higher numbers than before.
According to the Joint Center for Housing Studies of Harvard University, nearly half of the country’s unsubsidized rentals available for $400 a month or less in 2011 were built more than 50 years ago.
On Wednesday, drawing criticism from housing advocates, the New Jersey Council on Affordable Housing proposed new regulations that call for fewer than 31,000 units of affordable housing to be built by 2024. Units built using low-income housing tax credits would be part of that number.
– Philadelphia Inquirer
Legislation sponsored by Assembly Democrats Upendra J. Chivukula (D-Middlesex/Somerset) and Vincent Prieto (D-Bergen/Hudson) that would make affordable housing more accessible to New Jersey veterans was signed into law on Monday. The new law (S-829/A-1744) allows municipalities to enter into agreements with developers to provide affordable housing occupancy preferences of up to 50 percent of the affordable units in a particular project for low to moderate income veterans who served in time of war or other emergency. Current New Jersey law does not extend affordable housing preferences to low to moderate income veterans. Under the bill, any agreement to provide affordable housing preferences for veterans will not affect a municipality’s ability to get credit for the unit from COAH. As of December 2011, nearly one in seven homeless adults are veterans, according to the Center for American Progress.
– Politicker NJ
The New Jersey Supreme Court today heard arguments on whether the Christie administration can reorganize an independent agency into being less independent. The dispute involves the Council on Affordable Housing, created to comply with the Federal Fair Housing Act as being “in but not of” the Department of Community Affairs.
– CBS Philly