With Governor Corzine’s campaign pledge to create 100,000 affordable housing units in the state, one needs to take a look at where those units will go. Many municipalities pay cities through Regional Contribution Agreements (RCA) to handle up to 50% of their afforable housing responsibility. These agreements ideally help all parties concerned but we don’t live in an ideal world.
For example, Trenton benefits from its RCA and is using a portion of its RCA funds to rehab houses and provide homeownership to low income families.
Read Eva Loayza article
Affordable housing in the suburbs is not progressing as well in part because of RCA’s but also because suburban municipalities are in dire need of residents who will not further distress their school districts. Also the infrastructure, at present, may not offer enough support these families.
Read Darryl R. Isherwood article
With State Assembly Speaker Joe Roberts introducing a bill that may eliminate the RCA practice, cities and suburbs may have to scramble to negate the negative effects. What is important though is that whether low income housing is effective in the suburbs will depend on the infrastructure low income families need. Meeting low income family needs beyond the roof over head requires serious consideration.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Affordable Housing, Low-income Housing, Politics
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