What constitutes affordable housing in New Jersey?

New Jersey Affordable Housing Steven Rindner

Housing professionals will be quick to tell you that you shouldn’t pay more than 30 percent of your income toward housing. This is especially true in New Jersey, where housing assistance plans come in myriad forms of subsidized and affordable types. Steven Rindner.

First, subsidized housing refers to those that depend on subsidies provided by the federal, state, or local government. These are tailored for low- and moderate-income individuals whose rent is based on their income tier. Affordable housing, on the other hand, refers to housing projects that offer low rent, such as those provided by the New Jersey Low Income Housing Tax Credit program. Such programs have special stipulations for seniors and the disabled and come in a variety of tax credit projects and public, rural, and multifamily housing. Steven Rindner

The Garden State likewise offers so-called voucher programs, plans that provide a subsidy for helping individuals pay toward rent in any apartment that abides by a respective program’s safety and affordability standards. Some of these voucher programs are VASH (for veterans), Housing Choice Voucher, NED (non-elderly-disabled), and SRAP (state rental assistance program). Steven Rindner.

Note though that both affordable and subsidized housing and voucher programs in New Jersey may entail a waiting list. Those interested in applying should first inquire if such wait lists have preferences, like disability or age. But whatever the case, the sooner you apply, the sooner you’ll get on top. Steven Rindner