Income Limits & Rental Increases

2024 Update

2024 Income Limits & Rental Increases PDF

AHPNJ has now calculated the 2024 income limits and rental increases (other years are available by request). Consult with your municipal or affordable housing attorney before utilizing these limits to make sure that they can be used in your municipality. 

Background:

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.
  • Sample Settlement Agreement language  to have included if you do not yet have a finalized settlement agreement (PDF)
  • Sample Settlement Agreement language  to have included if you do not yet have a finalized settlement agreement (Word)
  • Sample court order to use if settlement agreement has already been executed (PDF)
  • Sample court order to use if settlement agreement has already been executed (Word)
  • 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.

Somerset, Hunterdon, and Warren Counties: In October 2018, Judge Miller signed a vicinage wide income limits order applying to all of the 60 or so municipalities with cases in that vicinage.  All of these municipalities can now utilize the most current income limits available as it applies both to towns that have settled and those that have not and reserves all rights on the methodology.  

AHPNJ is very interested in making sure all municipalities are utilizing the most current data available, so if you have questions then please email Randy Gottesman: randy@cgph.net.