Tuesday, September 05, 2006

Affordable Housing Deed Restrictions To Expire

From the Star Ledger:

Affordable housing in N.J. nears its 'sunset'

As part of a sweeping national trend, New Jersey could soon begin losing tens of thousands of affordable housing units built decades ago with either federal housing subsidies or financial incentives offered by state judges.

Private developers, who agreed to keep the units affordable for between 10 and 30 years in exchange for the breaks, are being tempted to sell or convert the buildings by soaring condo prices and a hot rental market.
"Many deed restrictions will continue, either because of the nature of the owners or the nature of the market," said DCA Commissioner Susan Bass Levin. "But the potential number of deed restrictions expiring over the next 10 years could be upwards of 50,000."
The problem is magnified in New Jersey because 35,000 affordable units built by private developers came with similar "sunset provisions" that remove controls in 10 to 30 years. Nearly all that housing was built after a landmark 1983 state Supreme Court decision, which offered builders density bonuses in exchange for setting aside some units for the poor.

The first of those units began to expire in recent years, catching tenants and even some politicians by surprise. The housing is scattered statewide, from the poorest cities to the wealthiest enclaves.


Anonymous Anonymous said...

Lets face it. After reviewing
many of the posts at this venue.

Conclusion: The NJ taxpayer has
been worked over pretty good, by
the bloodsuckers that have looted
the pockets over the past 30years.

They have now BK'd the state and
local gov. They only recourse is
to continue to raise the property
taxes to pay for the looting.

Read today papers the school systems want even more money for
the teachers, etc.

It continues.

9/05/2006 06:31:00 AM  
Blogger chicagofinance said...

just remember, these people vote

they will not be chucked en masse into the gutter without a fight

those pick-pocketing politicos can operate unless they are in office

it all makes sense

nothing will change

9/05/2006 12:23:00 PM  
Blogger chicagofinance said...

those pick-pocketing politicos CANNOT operate unless they are in office

9/05/2006 12:23:00 PM  
Blogger RentinginNJ said...

those pick-pocketing politicos CANNOT operate unless they are in office

Yes, but getting rid of them will be almost impossible. They have cultivated a large base by substantially increasing public sector employment and then giving into their every wish. The teachers, police and other public sector employees will do whatever it takes to keep their pals in office. They will shift the focus to big “corporations not paying their fair share” and “corruption in Trenton”. They are will financed and will be successful in swaying public opinion in their favor.

The only way to win is to vote with a moving van.

9/05/2006 03:44:00 PM  

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