Photo courtesy of NJ Governor’s Office.
New Jersey faced a rollercoaster of a month in July as the state planned for more affordable housing development and protections for tenants with the FAIR Act, but proposed property tax increases that caused major concerns in Jersey City.
Read about this and more, including new rental and ownership opportunities to apply to, in this month’s Jersey Escrow: where all your housing information is stored.
Housing Opportunities To Apply To This Month–To Rent Or Own!
Hampton Square is accepting applications for units until Aug. 7. You can find more information about these buildings and more opportunities across the state at Affordable Homes New Jersey.
Rt.500 Residences in Berkeley Heights are offering one-, two- and three-bedroom apartments for very-low, low and moderate income households. Apply for the Berkeley Heights rental waiting list by Aug. 27 to be included in the next lottery. Find the applications for each unit here.
3804 Balsam Way in Bernards Township is a three bedroom condominium available to purchase for $160,000. Those interested in purchasing must schedule a tour and request more information here.
As covered in June’s “The Jersey Escrow,” Magnolia Square in Princeton continues to accept applications until Aug.5.
Gov. Mikie Sherrill Signs The FAIR Act, Protecting Renters From Algorithmic Rent-Setting
On July 20, Governor Sherill signed the Forbidding the Algorithmic Inflation of Rent, or FAIR, Act.
As previously covered by Slice of Culture, algorithmic inflation systems compare apartment rental rates in a town or city’s market to competitively raise rent.
Systems or software like Real Page have been investigated by the U.S. Department of Justice and have faced opposition from New Jersey Sens. Brian Stack, Angela McKnight and Raj Mukherji.
“Landlords, who should be competing to provide the best price to renters, are instead colluding to drive prices up through so called ‘algorithmic pricing.’ That stops now,” said Gov. Sherrill.
Jersey City To Transform Parking Lots To 700 Housing Units
Hudson County Executive Craig Guy is looking to transform Jersey City parking lots to 700 housing units, with 200 being used for affordable housing. If approved, Hudson County will be the first in the state to develop affordable housing projects on county-owned land.
The county will remain the landlord but will look to partner with private companies to manage properties after they are built.
The project will be funded by a loan of $570,000 from the Geraldine R Dodge Foundation, a Newark-based foundation, according to the Gothamist.
Using publicly owned land for affordable housing has been a suggestion to bring new affordable housing across the state, with support from the Fair Share Housing Center.
“It really has an opportunity to provide a pathway for other people to do this at the county level,” Executive director Adam Gordon said about Hudson County’s plan.
Paramus Approves Fully Affordable Housing Building Near Garden State Plaza
Genesis Paramus Housing Urban Renewal at 10 Route 17, will be home to fully affordable housing units for low and moderate income families, just across the street from Garden State Plaza.
Approved in June by the Paramus Planning Board, the four-story development will have 11 one-bedroom units, 34 two-bedroom and 19 three-bedroom units. One two-bedroom unit will be reserved for the building’s superintendent. It also will feature laundry rooms, a community room and on-site parking with 113 parking spots.
Jersey City Faces Possible 20% Property Tax Increase
On June 24, Jersey City Mayor Solomon proposed a 20% tax increase for property owners to address the city’s $255 million budget deficit–causing bills to increase up to $1,600 next year.
The increase is meant to help address the city’s million-dollar deficit, inherited from the previous administration’s tenure. Solomon’s office claims the deficit stems from late payments made to vendors, accumulated late and penalty fees, complications in tracking city invoices and deferred charges and emergency appropriations.
In a joint statement from June 22, Ward D Councilmember Jake Ephros, Ward B Councilmember Joel Brooks and Ward E Councilmember Eleana Little expressed their support of the proposal, citing that the tax is the “main tool” for raising revenue for the city, as state law does not provide alternative options.
“Our council offices are looking at all other alternative revenue options but our hands are tied at the moment. Both powers belong to Trenton and work with our state delegation to change that,” they wrote.
They also claim that the New Jersey Constitution’s Uniformity Clause bars them from taxing wealthy property at higher rates than others.
“Changing that would take a constitutional amendment, not just a new law,” the statement reads.
After public outcry, covered by Slice of Culture, the city proposed a 15.5% increase on July 15.
Slice of Culture will continue to report on the matter as it develops.
Know any New Jersey housing news or resources we should include? Email Chelsea Pujols at [email protected].
