Jan-09-08 COAH Approves Over $3 Million In Affordable Housing Funds
COAH Approves Over $3 Million In Affordable Housing Funds
Funds to Provide Affordable Units in Five Municipalities Across New Jersey
TRENTON, N.J. – The Council on Affordable Housing (COAH), a Department of Community Affairs’ (DCA) affiliate, has authorized the expenditure of over $3 million in affordable housing funds over the last three months to provide affordable housing in five municipalities across New Jersey .
"Governor Corzine is committed to providing New Jersey residents with access to quality, affordable housing,” said DCA Acting Commissioner Joseph Doria. “COAH’s authorization to expend these funds will assist in meeting the Governor’s goal of creating 100,000 affordable units over ten years.”
At its October 10, 2007, December 17, 2007 and January 9, 2008 Board meetings, COAH granted a total of five municipalities waivers in order to spend affordable housing trust funds on affordable housing projects prior to receiving third round substantive certification. These projects include:
Hamilton Township/Mercer County – COAH’s waiver permits the expenditure of $226,800 to the non-profit housing organization, HomeFront, in order to subsidize eight special needs affordable housing units in two apartment buildings.
MoorestownTownship, Burlington County – COAH’s waiver permits the disbursement of $150,000 to Moorestown Ecumenical Neighborhood Development, Inc. (MEND). MEND, which has agreed to extend deed restrictions on 72 affordable units in the Township, will use the funds for capital improvements and reserves for affordable housing properties.
Franklin Township/Somerset County – COAH’s waiver permits the expenditure of $1 million on Franklin Commons, a 66 non-age restricted affordable rental units in a building containing retail on the first floor; $1 million on Oak-Pine, which includes 200+ mixed-income home ownership and rental units, with approximately half as affordable units; and up to $125,000 on a Habitat for Humanity development consisting of at least 11 dwelling units on Township owned land with public infrastructure improvement costs also financed by Township.
Berkeley Heights Township/Union County – COAH’s waiver permits the disbursement of $350,000 to Our House, Inc. for a 4-bedroom group home for adults with developmental disabilities.
Bridgewater Township/Somerset County – COAH’s waiver permits the expenditure of $315,000 toward the acquisition and development of property by the Raritan Valley Habitat for Humanity for the construction of nine single-family detached housing units for low-income households, $12,000 toward the cost of installing curbing for the development, $1,500 per year on detention basin maintenance through the period of third round substantive certification, and the reservation of $150,000 for future detention basin repair or replacement.
COAH, an affiliate of the New Jersey Department of Community Affairs, facilitates the production of sound, affordable housing for low and moderate income households by providing the most effective process to municipalities, housing providers, nonprofit and for profit developers to address a constitutional obligation within the framework of sound, comprehensive planning.
For further information on COAH, call 609-292-3000, or log on to http://www.nj.gov/dca/affiliates/coah/.