CJHRC presents. Affordable Housing Needs
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1 CJHRC presents Affordable Housing Needs -NJ Fair Share Low & Moderate Income Program - Qualification - What Is Available - Pro s and Con s in Hunterdon County July 2, 2014
2 HOUSING NEEDS HUD REPORT HIGHLIGHTS Renters with incomes below 50% of median without a subsidy have severe housing cost burdens The US does not have enough affordable rental units (no inventory) The number of renters is increasing due to unemployment and foreclosure
3 Hunterdon County Rental Overview The Fair Market Rent for a 2BR Apartment in Hunterdon County is $1,458 Gross annual income needed to afford this is $58,320 (30% of income) The most expensive rents are in our region (Hunterdon, Middlesex & Somerset County)
4 Region 3 Income Limits - Adopted May 14, 2014 By the NJ Council on Affordable Housing (COAH) Somerset, Hunterdon & Middlesex Counties The below chart is for anyone who wants to live in Somerset, Hunterdon or Middlesex Counties in New Jersey - we have the highest limits in NJ Family Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person Median $73,500 $84,000 $94,500 $105,000 $113,400 $121,800 Moderate $58,800 $67,200 $75,600 $84,000 $90,720 $97,440 Low $36,750 $42,000 $47,250 $52,500 $56,700 $60,900 Very Low $22,050 $25,200 $28,350 $31,500 $34,020 $36,540 The only resource we have for families larger than 6 is Habitat for Humanity
5 New Jersey's Low & Moderate Income Housing Qualifying for a Mount Laurel Home All households must meet the following criteria: a. Be a US Citizen or permanent resident alien b. Be at least 18 years old c. The purchaser must use the affordable unit as his or her primary residence d. Have sufficient income to finance the purchase e. Meet the income and documentation requirements * Also must meet credit criteria for landlord or mortgage
6 CJHRC Statistics 6/1/13 5/31/14 We Served 1,415 Clients 24% (334 clients) Moderate income 37% (528 clients) Low Income 29% (406 clients) Very Low Income (10% were over the moderate income guidelines) 54% (763 clients) Wanted to rent 13% (188 clients) Wanted to buy (33% clients were either homeowners seeking services, clients who were homeless or clients for group counseling programs)
7 Sample of Affordable Hunterdon County Units & Cost --go to for more info 3BR Mod The Mews Flemington $1138/mo. Rent. $39, income needed - 35% (Coin Laundry Room Electric Stove) 2BR Mod Heritage Village at Lambertville $1227/mo. Rent. $36, income needed - 40% since senior unit (55 yrs or older) 1BR Low - Mews at Annandale $870.00/mo. rent $26,100 income needed 40% since senior unit (55 yrs or older --electric Water Heater no elevator not on 1 st floor)
8 What is 35% Ratio? (40% for Seniors) a certified household is not permitted to lease a restricted rental unit that would require more than 35 percent of the verified household income (40 percent for age-restricted units) to pay rent and utilities. RATIO/CALCULATIONS ---not age restricted unit ---Take the monthly rent amount, multiply it by 12 (1 year lease) divide by.35 = minimum income a household can earn to live in apartment they are considering. RATIO/CALCULATIONS ---age restricted unit--take the monthly rent amount, multiply it by 12 (1 year lease) divide by.40 = minimum income a senior household can earn to live in apartment they are considering.
9 Affordable Housing Rentals Sample Pricing/Income Needed FOR NEW DEVELOPMENTS IN REGION 3 Size & Number to be built Mo. Rate Income Needed 1 BR, Very Low Income (2) $592 Min. Income: $20,297 1 BR, Low Income (10) $853 Min. Income: $29,246 1 BR, Moderate Income (12) $995 Min. Income: $34,114 2 BR, Very Low Income (9) $698 Min. Income: $23,931 2 BR, Low Income (28) $999 Min. Income: $34,251 2 BR, Moderate Income (36) $1,275 Min. Income: $43,714 3 BR, Very Low Income (2) $797 Min. Income: $27,326 3 BR, Low Income (11) $1,207 Min. Income: $41,383 3 BR Moderate Income (12) $1,480 Min. Income: $50,743
10 Be Careful Just Because You Build It They May Not Come Tenants Request Affordable prices Spacious rooms, Storage, Laundry in Unit, Assigned or Enough Parking General Amenities (Security, Pool, Playground, Community Room) Pet Policy
11 Typical Scenarios Clients get upset upon learning what if anything is available in the County in regard to price of rental units. They state - well if you are the Housing Resource Center shouldn t you have an inventory of apartments that are less than $500 a month When discussing their prior rental history or credit/debt situation they are upset to learn that affordable housing requires good credit and a minimum income most state if they had that they would not need an affordable unit in a program. Most landlords will not take a co-signor. Why are there only rental units for older adults hardly any for families? How can $1,200 a month be affordable housing?
12 Typical Scenarios (continued) We are a family of 3 and need to find a rental unit by September 1, 2014 upon further info gathering CJHRC learns: a) They have no funds for the 1 st month rent or security b) Their income is too low to afford the 35% ratio c) They have credit issues* (hardly any landlords take a cosigner for poor credit only if under minimum income required). *Most landlords require no late payments on anything for 2 years before they accept a household
13 Hunterdon County Resale (Sale) Overview Data from Zillow Through April 30, 2013 $355,800 Median Home Value Home values have increased 7.3% over the past year Zillow predicts they will rise another 1.8% one year from now (Apr 30, 2015) $439,000 is current Median listing price While the median price of homes that sold in April was $309,161
14 Scenario of How Affordable Housing Program Helps Since I was told by a Realtor that I cannot afford the market rate housing stock what is on the multi listings. My Realtor recommended I contact your office about the affordable housing program. From intake form we gather the following info: This is a single person household, a college graduate, 29 years old, works in Hunterdon County and earns $45,000 a year, pays $300 a month in a car payment, pay $441 a month in student loans and want to either rent or buy. Has no rental history since has been living with my parents since graduating college.
15 Affordable Units Price Examples as of July 1, 2014 Lake Cushetunk 1-3 BR Low - $125,521 (First Floor) 1-1 BR Mod - $119,115 (Second Floor) 2-2 BR Mod - $140,005 (First Floor) 1-3 BR Mod - $164,617 (First Floor)
16 Typical Scenarios of Hurdles Households Wanting To Buy Face I am tired of paying $1,200 a month for rent and want to buy a home. We are a family of 3 and upon further info gathering CJHRC learns: a) They have no funds for the down payment or closing costs b) They have issues that may prevent them from being able to attain a mortgage high debt, late payment or charge offs, have been late twice in a 10 month period with the rent, they are self employed, majority of household income earned is undocumented (under the table
17 What to Do? Try to get more family rental stock great need for very low and low income units moderate income units are not needed as much cost is often prohibitive Try to get developers to build affordable rental and sale units similar in amenities to the market rate units Try to re-restrict existing affordable units that are going to be expiring
18 What to Do? Establish down payment assistance programs with trust fund dollars and/or assistance programs for existing affordable homeowners Get towns to promote affordable resale units on site (currently nothing appears in the resale's for Hunterdon required in proposed regs s Make it easier for applicants to find applications for affordable housing on your Township update web sites. Share availability of affordable units with our office
19 THANK YOU! Sharon M. Clark Executive Director Central Jersey Housing Resource Center (CJHRC)
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