Bill
Bill > S2088
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 mandates that the Council on Affordable Housing (COAH), or any successor body, calculate affordable housing obligations on a Statewide basis rather than a local one, utilizing a "growth-share calculation method" that considers residential and non-residential development growth, foreclosed and abandoned properties, and excludes new housing starts during specific periods, with a cap of five percent of the Statewide housing stock. Additionally, the bill requires COAH to produce a comprehensive report every five years that assesses housing affordability by comparing the median cost of maintaining a home, which includes factors like property taxes, mortgage payments, insurance, and utilities, to the State's median income. This affordability report will then be used to update the growth-share calculation for determining future housing obligations.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S2088 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2088_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2088_I1.HTM |
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