A township fund for home repair for homeowners who are qualified for affordable housing became $300,000 richer earlier this month.
By:Al Wicklund
MONROE A township fund for home repair for homeowners who are qualified for affordable housing became $300,000 richer earlier this month.
The Township Council at its May 7 meeting appropriated $800,000 for affordable housing.
The appropriation provided $300,000 for local housing and $500,000 for the repair and construction of low- and moderate-income housing in New Brunswick to help the township meet its share of low-cost housing required by the state.
The largest part of the $800,000 appropriation the money for low-income housing in New Brunswick comes from a $500,000 payment by Toll Brothers development company. The rest comes from payments by other developers.
Toll’s payment is the third of five annual payments by the developer.
So far, Toll has paid $1.1 million to the township’s affordable housing fund. The company will pay $600,000 in each of the next two years for a five-year total payment of $2.3 million for 115 low-income houses to be used by Monroe to meets its low-income housing obligation. Monroe will send the money to New Brunswick, which will build the houses as part of a regional contribution agreement between New Brunswick and Monroe.
Developers pay the township’s rehabilitation fund a half percent of the assessed valuation of each house they build.
According to the annual income limits adopted by the state Council on Affordable Housing May 2, to be eligible for low-income programs in Monroe, one person can make no more than $29,750. The upper limit for a two-person household, is $34,000, for three persons $31,875 and for four persons $42,500.
If a homeowner qualifies, several types of work can be done, such as structural repairs, electrical rewiring, plumbing work, roof repair and other repairs needed to meet township building codes.
Rehabilitation of existing buildings is an option the township has in order to meet the municipal affordable housing requirements set by the Council on Affordable Housing.
In the rehabilitation program, confidentiality is maintained. There is no indication as to how repairs to the home are being financed.
Monroe residents interested in the rehabilitation program or other affordable housing programs should call (732) 521-4400.