New Tools for Affordability in New Jersey
Mark Lohbauer writes about efforts in the state of New Jersey to mitigate the housing affordability challenges in the New York region.
According to Lohbauer, the city of Newark is in the process of approving an inclusionary zoning ordinance that mandates "20% of new residential development as affordable, available to families earning 50% or less of the city’s median income."
"For the first time in years, Newark is experiencing substantial commercial and residential growth—including luxury residences that are driving up overall values—and the inclusionary zoning ordinance could not be timelier," according to Lohbauer.
Lohbauer is writing on behalf of the Regional Plan Association (RPA), which supported the initiative after its original advocacy by the Ironbound Community Corporation. The Housing and Community Development of New Jersey (HCDNNJ) also supports the inclusionary zoning initiative.
As noted by Lohbauer, HCDNNJ is also advocating for its "Build a Thriving New Jersey" program, which "proposes that the State dedicate an allotment of $600 million/year in order to subsidize the construction of affordable homes, and it identifies existing revenue sources that the State could tap in order to raise that money."