Income Limits & Rental Increases
The State of New Jersey has not released new income limits since 2014. In addition, there have been no increases in rents, re-sale prices, or the regional asset limit since 2014.
What AHPNJ has done to address the above:
- AHPNJ, in consultation with Fair Share Housing Center, has developed a methodology to calculate the new income limits, which it first did in 2016.
- AHPNJ has compiled examples of how municipalities have gotten these annual updates to take effect through either Settlement Agreements or Court Orders. Click here (PDF) or here (Word download) for sample Settlement Agreement language to have included if you do not yet have a finalized settlement agreement. Click here (PDF) or here (Word download) for a sample court order to use if the settlement agreement has already been executed. Please note that municipalities can submit a court order to resolve this matter at any time throughout the process. Municipalities should consult with their planners and attorneys about how to do the same in their communities.
- AHPNJ has recently calculated the 2017 income limits and posted them here. Consult with your municipal or affordable housing attorney before utilizing these limits to make sure that they can be used in your municipality.
AHPNJ is very interested in making sure all municipalities are utilizing the most current data available, so if you missed the June 29th, 2017 AHPNJ symposium, please email Randy Gottesman who presented on this information. Randy's email address is email@example.com.