Monarch Housing’s Blog!

On June 16, 2008, the New Jersey Assembly passed by a vote 45-33-2, A-500, the bill that will reform affordable housing in New Jersey. This is the most significant reform in over twenty years.

According to the Speaker of the Assembly Joseph Roberts, Jr., “The Legislature can no longer take an ostrich-like view of the state’s housing policy. New Jerseyans need homes they can afford and jobs they can reach. The state must lead by example by expanding access to equitable and affordable housing.”

To read the full bill click here. To read a statement on the bill click here.

In addition to Speaker Roberts the other prime sponsors in the Assembly included Bonnie Watson Coleman, Jerry Green, Thomas P.Giblin, Albert Coutinho, and Mila M. Jasey. Co-sponsors included L. Grace Spencer, Nilsa Cruz-Perez and Elease Evans.

The A-500 bill will make the following changes.

Abolish “regional contribution agreements,” (RCAs) ending the practice of allowing municipalities to duck their affordable housing responsibilities while generating new funding through a 2.5 percent fee on nonresidential development. These funds may be used for new construction or rehabilitation of affordable housing units;

Establish a 20-percent affordable housing set aside for all state-assisted development projects - including smart growth areas and transit villages;

Promote the production of housing units by setting-aside 13 percent of all affordable housing for families earning less than 30 percent of the state’s median income and;

Require one-for-one replacement of deed-restricted affordable housing units lost through redevelopment;

Create an “Affordable Housing Trust Fund;”

Require towns to commit municipal housing trust fund dollars to affordable housing within their borders;

Allows municipalities in the Higlands, Pinelands, meadowlands, Fort Monmouth, and Atlantic City regions to collectively provide affordable housing to promote targeted growth based on employment opportunities and transportation;

Mandate municipalities to provide density bonuses to developers constructing inclusionary developments;

Permit private developers of inclusionary development projects to compete for federal low-income tax credits;

Require all state agencies, when creating new rules, to include a housing affordability impact statement in their rule publication;

Establish a state Housing Commission charged with developing an annual strategic housing plan and submitting annual reports to the Legislature; and

Ensure a better system for tracking progress on affordable housing through regular publication of statistical reports.

To read the full bill click here. To read a statement on the bill click here.

Related Monarch Blog posts

• State Senate approves housing reform (1)
• June 23rd vote in state Senate on housing reform needs your support now to pass! (0)
• Vital Links: Housing’s Contributions to the Nation’s Health and Education Objectives (0)
• Tax Credits prioritize green and supportive housing (0)
• Say it ain’t so Governor! (0)

Thanks for visiting! If this is your first time here why not subscribe to the RSS feed.

You can subscribe to a daily email update of the Monarch Housing's Blog by clicking here.

You can also follow this discussion by checking the "Notify me of follow up comments via e-mail " box or by subscribing to the comments RSS feed.

Please scroll down to leave your comment.