News Updates
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Waiving Regulations for Affordable Housing Shows Promise
Next City explores how Austin, TX has waived zoning regulations to jumpstart affordable housing with its Affordability Unlocked program. The program has been in effect for less than a year, but it has already started to show results. At least one project that is taking advantage of the program has already broken ground. Forty-six applications have been filed as of the beginning of September, and 26 projects certified in almost every district of the city, promising some 2,700 new units of housing, of which 2,300 will be affordable, according to the presentation. According to the Neighborhood Housing and Community Development department, developers of 16 of the 26 certified projects have self-reported at least 650 additional units that wouldn’t have been possible without the program. Learn more about reducing barriers to affordable housing and what could be transferable to New Jersey. Keep reading »
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Court Rules Hoboken Luxury Developers Must Provide Affordable Units
After nearly a decade of litigation, an appellate court ruled that four luxury Hoboken developments must reserve 10 percent of its units for affordable housing — a requirement developers allegedly tried to waiver. The Harlow, The Artisan on Clinton, Park + Garden, and Vine and Hoboken will be required to provide 56 affordable homes. Between the four developments, there will be a total of 546 new luxury homes. Read about the affordable housing court case in Hoboken. Keep reading »
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Edgewater’s Affordable Housing Plan Gets Court’s Approval After Years of Litigation
After years of litigation, a judge has approved an affordable housing agreement that will bring at least 180 units to a future development in Edgewater. Keep reading »
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Assembly Votes to Convert Foreclosures into Affordable Housing
Legislation more than eight years in the making that creates a new state program for turning foreclosed residences into affordable housing was passed overwhelmingly Thursday by the state Assembly. Keep reading »
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Information on the Suspension of Rent Increase Rules for HMFA Rental Units
Recently Governor Murphy issued Executive Order 103 and as a result the New Jersey Housing and Mortgage Finance Agency obtained the approval of the Governor as well as unanimous consent of the NJHMFA Board to suspend certain rent increase rules during the pendency of EO 103. To learn more about which rental units are subject to this rent increase moratorium (and which ones are not) please read this Asset Management Bulletin from NJHMFA. Keep reading »
