Bill
Bill > S3386
summary
Introduced
06/29/2017
06/29/2017
In Committee
06/29/2017
06/29/2017
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 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 basis rather than a local level. The Council on Affordable Housing (COAH) would be required to submit a report every five years that calculates the ratio of the median cost to maintain a home, including property taxes, mortgage rates, insurance, utilities, and other factors, to the median income for the state. This report would then be used to update the growth-share calculation method that determines the statewide affordable 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 06/29/2017)
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/bills/BillView.asp?BillNumber=S3386 |
| BillText | https://www.njleg.state.nj.us/2016/Bills/S3500/3386_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S3500/3386_I1.PDF |
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