Planning Board Resolution Memorializing the HEFSP #20-08

Using 2019 regional income limits, a four person Essex County median household income is estimated at $100,767. A moderate income four person household would earn a maximum of $80,61 (80 percent of regional median) and a four person low income household would earn a maximum of $50,384 (50 percent of regional median). Income levels for one, two, three and four person households as of 2019 are given below: TABLE 8 2019 Low and Moderate Regional Incomes Income 1 person 2 persons 3 persons 4 persons Median $70,537 $80,614 $90,691 $100,767 Moderate $56,430 $64,491 $72,553 $80,614 Low $35,269 $40,307 $45,345 $50,384 Source: 2019 Income Limits Based on the qualifying formula in N.J.A.C. 5:80-26, the monthly cost of shelter which includes mortgage (principal and interest), taxes, insurance and homeowners or condominium association fees, may not exceed 28 percent of gross monthly household income based on a five percent down payment. In addition, moderate income sales units must be available for at least three different prices and low income sales units available for at least two different prices. The maximum sales prices must now be affordable to households earning no more than 70 percent of median income. The sales prices must average 55 percent of median income. Under UHAC regulations, rents including utilities, may not exceed 30 percent of gross monthly income. The average rent must now be affordable to houscholds earning 52 percent of median income. The maximum rents must be affordable to households earning no more than 60 percent of median income. In averaging 52 percent, one rent may be established for a low income unit and one rent for a moderate income unit for each bedroom distribution. The utility allowance must be consistent with the utility allowance approved by HUD and utilized in New Jersey. In inclusionary rental developments, 13 percent of the rental units must be affordable to households earning no more than 30 percent of median income. West Orange currently has the following low- and -moderate income housing: Name Units Type Jewish Federation 134 Age-restricted rentals Degnan House 10 Age-restricted rentals ARC Group Home 3 Bedroom Marmon Terrace Group Home 6 Bedrooms Woodland Valley Senior Home 57 Age-restricted rentals Dogwood Drive Group Home 4 Bedrooms