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Bill > S163

NJ S163

NJ S163
Requires COAH to calculate affordable housing obligations on Statewide basis.

summary

Introduced
01/14/2020
In Committee
01/14/2020
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

This bill would change the calculation of affordable housing obligations to a Statewide perspective rather than a local level. In addition, under the bill, the Council on Affordable Housing would submit a report every five years on housing affordability. The report would calculate the ratio of the median cost, including property taxes, mortgage rates and payments, insurance, cost of utilities, and other necessary factors in the discretion of the council, to maintain the home to the median income for the State. This report would be used to update the growth-share calculation each time the council issues a report.

AI Summary

This bill would change the calculation of affordable housing obligations to a Statewide perspective rather than a local level. The Council on Affordable Housing (COAH) would submit a report every five years on housing affordability, calculating the ratio of the median cost to maintain a home (including property taxes, mortgage rates, insurance, utilities, etc.) to the median income for the State. This report would be used to update the growth-share calculation method, which would include factors like foreclosed and abandoned property, and exclude new housing starts during certain time periods. The bill would also remove the limit on the number of affordable housing units a municipality may be required to address.

Committee Categories

Housing and Urban Affairs

Sponsors (3)

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/14/2020)
(3 Companion Bills)

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