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  Piazza & Associates, Inc.

Princeton Forrestal Village
   216 Rockingham Row
   Princeton, NJ 08540

t.609.786.1100
f.609.786.1105

Info@HousingQuest.com


 

 

 

 

 

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IMPORTANT: All of the information contained on this site is provided as a courtesy to those seeking an affordable home. Piazza & Associates, Inc. is not responsible for any offers or errors contained herein.
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New Jersey Adopts
New Income Limits
West Milford Logo

2014 Program Income Limits Published

On May 14, 2014, the New Jersey Council on Affordable Housing (COAH) published the new income limits for New Jersey’s six housing regions.  The income limits are used to determine the eligibility of low- and moderate-income households, to price new sales and rental units, and to index the maximum resale price of existing sales units.

The maximum income limits are based on the U.S. Department of Housing and Urban Development’s (HUD) Section 8 income limits for the state’s six housing regions, which are defined by COAH.

Income limits vary across housing regions and are also adjusted for family size.  Low-income households are defined as earning less than 50 percent of the area median income for households of the same size within the same housing region.  Moderate-income households are defined as earning between 50 and 80 percent of the area median income for households of the same size within the same housing region.  COAH also calculates the income limits for very low income households earning 30 percent or less of median gross household income for special programs.

The HUD median incomes for the State of New Jersey actually decreased. As a result the actual income limits permitted by COAH will remained flat for 2014 - they have not increased. However, the affordable rents can be raised a maximum of 1.8%. This increase is based on the U.S. Consumer Price Index (CPI). However, as with market housing, landlords may ask for less than the maximum permitted.

The maximum sales prices have not increased for 2014, but will remain the same as 2013.

You can access the COAH Income Chart for 2014 to see the median income limits in each region. You can also utilize our calculator to find out the estimated current maximum sales price for an existing affordable home.

The Fair Housing Act of 1985 requires municipalities to facilitate the effective creation of quality affordable housing for low- and moderate-income households throughout New Jersey.

HousingQuest Editor's Notes:

The income limits published by COAH apply only to COAH programs. The COAH Income limits do NOT apply to HUD or USDA properties, or those governed by Low Income Housing Tax Credits, all of which utilize federally issued limits that were published during last month.

* We are in the process of updating the web site, and there may be some delay in posting the new limits to each property application form form. We apologize for the inconvenience.



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